GLOBAL SYNDICATED LOANS REVIEWshare.thomsonreuters.com/general/PR/Loan-2Q15-(E).pdf · GLOBAL...
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GLOBAL SYNDICATED LOANS REVIEW REUTERS / Stefan Wermuth GLOBAL SYNDICATED LOANS REVIEW MANAGING UNDERWRITERS Fi t H lf 2015 First Half 2015
Transcript of GLOBAL SYNDICATED LOANS REVIEWshare.thomsonreuters.com/general/PR/Loan-2Q15-(E).pdf · GLOBAL...
GLOBAL SYNDICATED LOANS REVIEWREUTERS / Stefan Wermuth
GLOBAL SYNDICATED LOANS REVIEWMANAGING UNDERWRITERS
Fi t H lf 2015First Half 2015
9
8
9
9
9
First Half 2015
MANAGING UNDERWRITERS
SYNDICATED LOANS REVIEW
Global Debt & Syndicated Loans (DL1) 2
European Leveraged Loans (P10) 8
Top Asia Syndicated Loans
EMEA Sponsored Loans (P13)
Asia Pacific (Excl. Japan) Syndicated Loans
Asia & Australia Deals Intelligence
EMEA Mandated Lead Arrangers (R19) 7
Asia Loans - Bookrunners (S5c)3
Global Scorecard 2
Global Loans Rankings - Last Ten Years
Table of Contents
Global Loans - Mandated Arrangers (R3)
Global Deals Intelligence
Top 10 Global Syndicated Loans
1
1Leading Underwriters for 2015
Asia Loans - Asian Currency (S3i)
Global Syndicated Loans
Global Loans - Bookrunners (R1) 1
2
2
9
13
Ranking Criteria Summary
11
4
Asia Loans - Mandated Arrangers (S5b)
EMEA Bookrunners (R17) 7
6
Americas Loans - Mandated Arrangers (R8c)
US Loans - Bookrunners (R11) 5
Americas Loans - Bookrunners (R7)
Latin America Loans - Mandated Lead Arrangers (R16)
Top EMEA Syndicated Loans 7
US Investment Grade Loans - Bookrunners (R11b)
North America Loans - Bookrunners (R9) 5
5
Top Australia Syndicated LoansTop Americas Syndicated Loans 4
6
Australia Loans - Bookrunners (S7)
Australia Loans - Mandated Arrangers (S6a)
Japan Deals Intelligence
Top Japan Syndicated Loans
Japan Loans - Bookrunners (S12b)
EMEA Deals Intelligence 7
Americas Deals Intelligence 4
US Leveraged Loans - Bookrunners (R11a)
Americas Syndicated Loans
EMEA Syndicated Loans
Japan Syndicated Loans
5
Thomson Reuters Solutions for the Deal Making Community
10
Syndicated Loans Criteria Summary 13
Regional Contacts
10
14
12
10
11
11
Japan Loans - Mandated Arrangers (S12a)
ENERGY & POWER, FINANCIALS & INDUSTRIALS LEAD LENDING
US LENDING ACCOUNTS FOR 52% OF ACTIVITYAmericas loans accounted for 59% of global loan volume during the first half of 2015, as lending in the regiondecreased by 3% from the same period last year. Within the Americas, loan volume in the United Statestotaled US$1.1 trillion, down 3% compared to the same period last year and representing 52% of globalvolume. Europe accounted for 22% of global volumes as lending decreased by 19% compared to the first halfof 2014. Asia Pacific fundraising saw a year-over-year decrease of 18%, while Japanese lending registered adowntick of 1% compared to the first half of 2014.
GLOBAL SYNDICATED LENDING FALLS 8% FROM 2014Global syndicated lending reached US$2.1 trillion during the first half of 2015, an 8% decrease compared tothe first half of 2014 and the slowest six-month period for lending since the first half of 2013. Lending activityduring the second quarter quarter saw a 24% increase from the first quarter this year. Nearly 4,700transactions closed during the first half, a decrease of 12% compared to the first half of 2014.
AQUISITION FINANCING CONTINUES DURING SECOND QUARTERRoyal Dutch Shell PLC secured a US$15.2 billion financing package to fund its US$81.0 billion acquisition ofBG Group, topping the list of acquisition-related syndicated loans closed during second quarter of 2015.Other notable acquisition-related loans included CVS Health Corp's US$13.0 billion facility and Mylan's $11.1billion loan to fund its proposed purchase of Perrigo PLC.
First Half 2015
MANAGING UNDERWRITERS
SYNDICATED LOANS REVIEWGlobal Syndicated Lending Totals US$2.1 trillion, down 8% from 2014 I US Loans Account for 52% | Europe Lending Down 19% I Bank of America Merrill Lynch Tops Rankings
Global Syndicated Loans VolumeGlobal Deals Intelligence
0
2,000
4,000
6,000
8,000
10,000
12,000
$0 0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
# of
Issu
es
Proc
eeds
(US$
t)
Q4 Volume (US$t) Q3 Volume (US$t) Q2 Volume (US$t) Q1 Volume (US$t) # of Issues
Bank of America Merrill Lynch
Borrowing in the Energy & Power sector totaled US$410.0 billion during the first half of 2015, accounting for19% of global loan activity, flat compared to lending in the sector during the first half of 2014. Technology andRetail lending saw the largest year-over-year percentage increases, up 13% and 8%, respectively. Energy &Power, Financials and Industrials together accounted for 47% of syndicated loan volume during the first half of2015, compared to 46% a year ago.
BANK OF AMERICA MERRILL LYNCH TOPS BOOKRUNNER RANKINGSBank of America Merrill Lynch secured the top ranking for global bookrunners, by proceeds, with US$155.0billion from 594 transactions during the first half of 2015, a decrease of 0.1 market share points compared tothe first half of 2014. JP Morgan fell to second place, with US$150.2 billion or 8.1% of overall loan proceedsduring the first half of 2015, a loss of 1.2 market share points from a year ago.
SYNDICATED LENDING FEES DOWN 22%According to Thomson Reuters/Freeman Consulting, bookrunning fees from global syndicated loans totaledUS$7.2 billion during the first half of 2015, a decrease of 22% from last year. Fees from leveraged lendingdecreased 32% compared to a year ago and accounted for 68% of all lending fees during the first half of2015.
Bank of America Merrill Lynch 10.4
13.8
Japan Loans (S12b)Australian Loans (S7)
Mizuho Financial GroupJapan Loans (S12a)
20.2 ▲
Leading Underwriters During the Second Quarter 2015
BNP Paribas SABNP Paribas SABNP Paribas SABNP Paribas SA
No. 1 ManagerBank of America Merrill Lynch
US Investment Grade Loans (R11b)
▲Mizuho Financial GroupWestpac Banking
Bank of America Merrill LynchBank of America Merrill Lynch
Latin America Loans (R15)
Asia-Pacific ex. Japan ex. Australia (S5c)
Latin America Loans (R16)EMEA Loans (R17)EMEA Leveraged Loans (P10)
Bank of America Merrill Lynch
Industrial & Comm Bank ChinaIndustrial & Comm Bank China
Asia-Pacific ex. Japan ex. Australia (S5b)
Market SectorGlobal Loans (R1)Americas Loans (R7)North American Loans (R9)US Loans (R11)US Leveraged Loans (R11a)
Current Qtr Market Share
(%)Mkt. Share Chg. from Last Qtr (%)
16.6
▲9.9
▲
▲
33.9
▼ 191
1.6▲
-0.8120.12.02.3
-0.7 1.7-56 ▼
1.4
1.6 0.8-1.4-0.3
▼
1.9
1.4
1.6▲
-0.1
-0.30.02.2
-0.9
-0.50.2
15
1.4
1.8
10 29,210.4
33,168.1
41,395.134,251.8
29,826.817
25,836.5
1729,424.7
21,943.2
25,154.019
26,400.216
24,992.421
12Goldman Sachs & Co 13Sumitomo Mitsui Finl Grp Inc
Industrial & Comm Bank China
Morgan Stanley13
1514
1232
Scotiabank 19Credit Agricole CIB
21
RBS16
18
114.9▼
182.6
-6662.7
▼▼
196
94▼ 176
▼
-27
-59-44
8.24.0
-
2.3▼ 2.9118
337165
4.3
4.810 9 42,472.9 2.342,043.1 ▼2.311 11
HSBC Holdings PLC 9 14 42,782.7
267.2
4.7 -28▼
5.0▼208 5.1 -92 ▼ 262.7 3.6 -1.7
-0.2▼ 145.42.73.4 ▼ 204 ▼-0.3
-1.3-55
8 5 50,006.37 7 61,868.7
3.7 0.46 8 21 2.1363 ▲ 150.4▲
263
▼3.7 -0.9
0.8 ▲▲
3.20.28.9
472 ▼ 227.911.54.2 0.5 ▲ -335 6 76,931.069,038.9
Citi 4 3 83,077.9 ▼
▼Wells Fargo & Co 3 4 98,243.3
4.5 -0.8
8.1 -1.25.3 0.2 ▲
6.5459 -41 ▼
12.0297.0 4.1
0.16.4 -71 ▼ 4.1295.8
7.3 -0.4531.3
0.111.2470.6 -0.4
Bank of America Merrill Lynch 1 2 154,969.6 -96 ▼8.4 -0.1 ▼ 14.52 1 150,249.3
Share %Deals
489 ▼-196
Share %594
JP Morgan
Mitsubishi UFJ Financial GroupMizuho Financial Group
BNP Paribas SA
Credit Suisse
BarclaysDeutsche Bank
RBC Capital Markets
MarketMarket Manager# of MarketMarket Change in # of Deals per Bookrunner
2015 Rank Share Ch.Bookrunner Proceeds
2014 Rank Share % Share Ch.Fees# of Deals
Global Loans - Bookrunners (R1)
MarketImputed Fees (US$m)
Jan 1 - Jun 30
Proceeds per Bookrunner (US$m)
▼▼
▲▼
▲▲
▼▼
0.23.01.5107.8
217.6
2.5 -1.2
-52 ▼▼
0.71.4
47.0
0.6
1.20.2
61.8
40.4
0.3
-0.3
66.4
152.4 2.1-0.2
-14
-0.292.5
-6.2
0.20.9
0.9
1.2
1.3
1.6
0.0
▼▼
▼
▼0.6
-
▲
0.0
-1.1
0.2
2.8
101.5▲▼
▲
-2.1
0.4-▲
▼
▼87.2
202.9
▲
▲3.5
63.3%
▲
▲0.1
3.2
26-10
▼-21
▼
83.0-9
-18
▲
3.1125
1.92.5
131
▼
▼19
0.3
-109
0.1
0.4
135 -143.3
79
▼ 113▼▲▲
2.8
101
4,459.6
▼
4.1▲
22 19,078.1
251.976
1660.2
1.1▲1.0
100.0
▼▲
-0.1
100.07,241.2
1.8▼
3.6
▼▼
-4.7
-11.6% -22.0%
-538
▲
147
4,090
145
1,846,435.8▼
Industry % Change from Same Period Last Year
2423
SunTrust Banks28
-7.6%
Bookrunner Total
BMO Capital Markets
▼
▼▼
US BancorpBank of China Ltd
Industry % Change from Last Quarter
TD Securities Inc 20
▲▲
1.41.2
68.0
23
3.5
22
20,418.821,918.0
251.1
-9.2
42.9
17.4
8.0 1.5Top Twenty Five Total 1,254,701.8
132.3-10 ▼
▼
8.9
▲-6.91.0
1.1-0.9-1.0-1.0 ▼
-7.5
11.5
14.9
-1.7 ▼0.5
10.06.1
11.6 ▼
8.7
12.7
0.1▲ PNC Financial Services Group1.2
29
29.1% -16.3% ▼
0$0.02011 2012 2013 2014 2015
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1
Deals2015 Rank Share %
Proceeds per Mandated Arranger US$m)
Jan 1 - Jun 30
Share Ch.Proceeds
Global Debt & Syndicated Loans (DL1)
Imputed Fees (US$m)# of Deals per MAMarket Change in ManagerMarket Market Market
1 382,629.9 7.9 0.1 ▲ 1290Bank of America Merrill Lynch 2 2 330,502.1 6.9
Market2014 Rank
JP Morgan 1Mandated Arrangers
-0.5 ▼-1333 275,458.3 5.7 0.1
11.0Share %
1236 10.5 -120 ▼ 7.1-309 ▼ 1,533.8
# of
249,283.1 5.2 0.2 ▲▼ ▼Citi 3
0.3
-130▲ 977 8.3
Barclays 4 4
-107▼
▲ 919 7.8
561
▼▲
565
▼▲952.6 5.0 0.7
1365 218,047.1 4.5 1.0
1017 8.7
862 7.45.6 -0.3
Deutsche Bank 5Wells Fargo & Co 6 6 199,295.3 4.1 -0.8Morgan Stanley 7 7 188,719.0 3.9 -0.4
869-0.2912.3 4.8
-1477.4744 6.3 ▼
2.9HSBC Holdings PLC 8 8 184,501.9 3.8Goldman Sachs & Co 9 9 175,082.4 3.6
0.9
Proceeds per Mandated Arranger US$m)
▲
▼
730▼▼
0.4 ▲
599-0.8125,884.5
Credit Suisse 10 10 144,119.7Top Ten Total
3.0 0.5 ▲
100.0
6.3
Change in
-16253
% Chge in Proceeds
-8.3
▲
▼-27.7-20.6-19.3
-47.9-51.9
318.8
▲
▼195
-28.1
▼49.0
▼
▼
▲
▼
53.0 ▲▼
▼
▼115.5
▼
97.8
-3.11.2
▼
▲
▲
▲
▼
-27.2
-20.8
-2.5-2.7
4
108,301.3
26
14
10,476.4
547,297.8
260
1,279,406.3
2,224
10
1,146,459.8
17,445.8
578,031.9
2,553
2,199.5
# of Issues4,735
771
# of Issues
52
5,386
10,198.1
14
86,670.8
137,523.2
124
32,294.3
104,186.4127
827
4014
-40.2
▼-7.5
▲17.8
▲17.3
3.2
66.5
▼▲
14
5627
2,483
1/1/2014 - 6/30/2014
Scorecard: Global Syndicated Loans
33,794.8
20,244.7
1,111,443.2United States of America
466,271.6Colombia
8,503.98,103.9
Canada
2,227
10
20,071.0
8,249.5
2,322,962.3
35,941.4
4,299.33,760.3
Proceeds (US$m)
90
511
78
694
34
62
30
51
752
183
GlobalAmericas
-0.4 2,131,019.5
1/1/2015 - 6/30/2015Share Ch.
▼
1,247,315.2
▲ 796.7
▼1,074.3
# of Deals Fees
884.2
553.8
Share %
731.6
8.0
4.8
▼
4.2
4.8 0.4
-245
Region/Nation
First Half 2015 | Syndicated Loans | Managing Underwriters
-126 828.3
▲0.2▼
▼
North America
4.3
4.6
▼
-0.7Central America
▼
▲3.8
9
Netherlands 50,342.599,412.6
50,143.7
▲Mexico▲
South America
434,560.4
▲
Share % Share Ch.
6.0
mputed Bookrunning Fees (US$m
547.3 6.7▼
Europe
Jan 1 - Jun 30
▼ 6.7
0.1
19,168.7
▼
0.9
1,357.3
▼
494.9
9,624.9
Manager
-14.8%
-0.4
# of Deals per MA
0.1
▼
48.6
Share % Share %
4,827,340.3
▼
2,347,638.8
1
Market2014 Rank
JP Morgan 2
# of Deals
Industry Total
# of
Industry % Change from Last Quarter
2
-10.5%Industry % Change from Same Period Last Year
2015 Rank
Global Loans - Mandated Arrangers (R3)
Deals
-10.5%
▼
8.5%
Market
-1372
Fees
11,7263,365.0
42,714.7
1,9372,180
Proceeds (US$m)
1,254,761.1
244
13,812.2
63
7,531.0
46
10,711.8
1,221,081.7
109,638.5
16
90
-198
Market
100.0
13,732.9
-114
Western Europe
NorwayMarket
ProceedsBank of America Merrill Lynch
Share Ch.Mandated Arrangers-0.2
1133,244.0 15.4
12.7
-6.8% ▼
5.9
-23.2%
58
Republic of Ireland
Eastern Europe17Sweden
12,565.9Market
45,165.7
Switzerland
▲
▲
Brazil
-0.6
50.3
Global
30,734.1
Germany
United Kingdom
11,997.4
Italy
Luxembourg 14
31,711.2
29,858.8Spain
France
42,332.8
14,742.613
General Corp. Purp.Project Finance
15,245.0
General Corp. Purp.
18,000.016,960.0
Acquisition Fin.General Corp. Purp.
14,000.0
12,324.8
15,250.0 General Corp. Purp.
▼▼
Jan 1 - Jun 30
7.1
▲
9
697
▼338
0.1
1.4
2.2BNP Paribas SA
10
United States
▲
-55.0
▲
▲
▲
271.8▼
-38.6
64.9
18.1▲▲
▼
▼
▼
▲
19.3
100.9
▲
▲
▼
-16.1
-31.7
▲
▼
▲
▼
-90.0
▲
422.8
-53.4
▼
▼
▼
11.7
-59.2
▼
▼
-18.3
▲
-44.4
18
6.8
▲
83.9
93.6
-29.2
2.6
39
46.0
361
126
960
137
5
-36.4
11
15
611
-27.8-18.4
▼
32.0-21.6
▼▼
-1.3
-57.2
▼
-33.2▼
6
▼
6
10531
-33.6
49,263.8
286.9
139,677.5
2
45
993
49,865.4
13,551.3
60,300.1
1731
12,977.3
54
45,277.6
105
28,348.4119
3
43,201.937,902.4
6,042.5
75
3,523.1
95
2,873.7
Australia
1,336.2Philippines40,055.5
New Zealand
Thailand
* The Global Scorecard comprises deal volume and counts from club and bookrun deals, mirroring the mandated arranger rankings.
▲▼-12.1%
United States
United States
Package Amt (US$m)
-16.0% 48.4%
Royal Dutch Shell PLC
Primary UOPAbbVie Inc
▼
United States
Switzerland
4/30/2015 Ford Motor Co
33,314.8
Acquisition Fin.
69
44
Japan 118,688.6
16
6,440.7
117
15
61,288.187
6
18,484.3
105
613.2
18,484.3
2,822.59,318.9
40
2,779.54,583.4
United Arab Emirates
Asia-Pacific (ex Central Asia)
Sub-Saharan Africa
11,914.3
1,969.9
12,544.3
6
1
0.1159.1308.4
0.1
47.0 Southeast Asia0.0
230.8
-0.2
2.5
145.1
▼0.20.0
100.0
76.5
0.8
48.895.1
0.6160.8
1.2
58.7
93.5
▼0.1
-
-1.7
▲▼
▲
0.2
▼
▼
149,180.7
Indonesia
IndiaSouth Asia▲
South Korea
Poland
1,094.3
68,434.3
5,463.0
▲
▼
▲
▲
▲
Africa/Middle East/Central Asia
▼ Saudi Arabia
South Africa
▲
▼
1.1▼
-71
1.92.4
1.9
3.5
3.41.6
-87
▼
▼
10.6
-0.29.1
-573.6
9-99
Taiwan
China191.1
▼
-
279.0
Central Asia
▲1.8
122.3
▲
▼▼
▲194.6
▼ 261.2 0.8
-0.9
3.8
2.0
0.2
-1.1
0.0
0.6
1.5
1.2
2.3 -1.2242 -58
0.4
▼
▲0.9
2.9
Target Market
24,719.6
Borrower
Mizuho Financial Group
▼
Barclays
Deutsche Bank
RBC Capital Markets
Sumitomo Mitsui Finl Grp Inc
24
0.685,632.8
3.5
Societe Generale
Morgan Stanley
NetherlandsGlencore PLC
10
Credit Suisse
62,338.5
16
Depository Trust Co
27,391.0
5/1/2015
6/3/20155/28/2015
26,615.9
3/19/2015
22
30,120.430,592.4
20
11
RBS
Wal-Mart Stores Inc
Top 10 Global Syndicated Loans
32,196.216Scotiabank
23.9%Industry % Change from Same Period Last Year
22
14
Goldman Sachs & Co 1518
21
Credit Agricole CIB28,622.0
6 9Citi
Industrial & Comm Bank China
BMO Capital Markets
Closing Date
TD Securities Inc
21US Bancorp17
13
Industry Total
11
HSBC Holdings PLC
g
Mitsubishi UFJ Financial GroupWells Fargo & Co 3 4
56,748.8
63,635.48
3
6
7
8
54,382.5
7
46,197.213
1214
27 33,689.833,295.5
48,687.9
38,234.912
1.6
1.3
3.2
1.10.2
2.6
4.2
-0.8
▼
299.3▼3.2
1.3
-58
101.7▼
5.1
236
559
▼
154
355
▲
134
▼▼
1.4
▼
23
24,050.9
-8.3%
1,310,325.4
19
18
2,131,019.5
▲
▲▲
17
61.8
27,204.3
25
1.3 0.1
28
100.0-5.7-0.4
0.126,554.4
1.5
▼
Bank of China Ltd 24 1.3
20
1.2
1.3
ING
19
Top Twenty Five Total
0.2-0.3
15
17220
2.8
▼-125 205.2
0.2
-2.1
-25
157.0
▼
▼-0.8▼
-0.3-116
288.8132.5
▼
4,735
▼▼
84
-96
68.8-0.2
-81
-51-1
18
4.5-71
6.3
-31
3.1
3.6
7.5
2.8
▼
202
125
5.0
4.3-14-37
2.6 -52▼
▼
3.3
▲
272▲
211
5.7
-0.8
182▼
▲0.2
149-0.9
152-0.4
0.3
-0.5
6.8 -1353.8
▼-83
253321
5.3▼
▼1.6
-0.2
2.7
2.3
-0.1-1.0
▼
0.6
11.8
-1.01.8
-0.3
87,363.53815
88,681.64.14 5
▲
10.274,241.4
14.7▲-0.6
0.2
8.0484
296
4.0
3.0 432
504▼ 51
6,113.244,532.9
332.7
79
5
92622
8,817.431,607.147
7,813.4
55,502.7
300,758.0
10,293.7
1044
Acquisition Fin.United States
6/30/20154/30/2015
Export/Import Finan
3/25/2015 11,838.0Equinix Inc
13,426.0
▼8,073.4
Nigeria
442
-65119
75▼
Orchid Alliance Holdings Ltd
120,233.2
1,849.9Australasia
18
5
10,134.8
Japan
CVS Health CorpUnited States
1,005
8
Industry % Change from Last Quarter
13,609.4 28
11
5/13/2015 Cheniere Corpus Christi Hldg
United States
-22.0% ▼
General Corp. Purp.
11,500.0
13,000.0
5/12/2015
▲
20,067.7Singapore6,556.1
Malaysia4,821.9
113.1 1.4 -0.3
700
50,532.0
37,341.6Middle East
North Asia
Hong Kong
p
1,500.0
8,935.1
7,700.2
8,233.3
245,622.9
17,887.7
-0.6
88
16,211.3
91
221
Angola
53,121.3
Turkey
Romania 1,237.14,016.8
26Russian Federation
23,931.9
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2
First Half 2015 | Syndicated Loans | Managing Underwriters
Global Loans Bookrunner Ranking - Last Ten Years*
1
2
3
4
1
2
3
4
Bank of America Merrill Lynch
JP Morgan
Wells Fargo & Co
Citi
5
6
7
8
9
10
5
6
7
8
9
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Ran
k
Mitsubishi UFJ Financial Group
Mizuho Financial Group
Barclays
Deutsche Bank
HSBC Holdings PLC
BNP Paribas SA
*League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.
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3
Overall syndicated lending in the Americas during the first half of 2015 decreased 2.5% compared to the first half of2014, with proceeds of US$1.2 trillion from 2,214 transactions.
Leveraged lending in the United States totaled US$440.9 billion from 1,017 deals, representing a 29.1% decreasefrom total proceeds raised in the same period a year ago.
Loans for general purposes dominated the market in the first half of 2015, accounting for a 50% share, withproceeds totaling US$601.9 billion. Bank Debt Refinancing and Acquisition Financing followed, capturing 15% of themarket each.
Lending in Latin America increased compared with the same period last year, up 3.8% with total proceeds ofUS$22.6 billion from 41 deals.
Estimated bookrunning fees for the Americas yielded a 19.2% lower total in the first half of 2015 compared to lastyear, with a total of US$5.4 billion, according to estimates from Thomson Reuters/Freeman Consulting. Fees paid tobookrunners for U.S. leveraged loans decreased 28.6% compared to a year ago, totaling just under US$4 billion.
Borrower
Jan 1 - Jun 30 Mizuho Financial Group 22 1.1 0.5 ▲ 5223 24 9 191 7 0 7 0 1 0 1KeyBanc Capital Markets Inc
28 13,706.061 2 8▼ ▼ 40 1 0 7 ▼
0 - 0.62.3 16 ▲ 47.4
0.1▲0.9 0.2
1.5 65 2.9▲2.4
-0.1 ▼ 30.1CIBC World Markets Inc 21 20 18,442.4SunTrust Banks 20 17 19,078.1
▲6.6 -9▼ 147 0.2▼ 132.31.5 -0.2
▲130 5.9 -21 ▼ 85.1 1.60.3 ▲
RBS 19 11 19,221.2 1.6 -0.7 ▼ 0.1
87.8 1.66.5 -9 ▼ 83.0 1.5
-16 ▼132 6.01.6 0.1 ▲ 145
0.1 ▲PNC Financial Services Group 18 21 20,418.8BMO Capital Markets 17 18 20,903.1 -0.4 ▼
1.8 -0.2 3.4 -15▼ 76 ▼1.7
82 3.7 5BNP Paribas SA 16 13 22,724.0
1.9 0.123,427.40.2 ▲ 93
-85.7 1.61.1 0.4 ▲
▲
-53 ▼ 158.2 2.9
1.0 -0.40.0▲
▼ 56.1
22 ▲ 57.91.9
▼Goldman Sachs & Co 13 9 24,626.3 2.0 -1.4 ▼96 4.3
-0.1
Scotiabank 14 15 23,987.0 4.2
101.5 1.93.5 -10 ▼ 46.5
26 ▲0.9
-1.2 ▼2.0 0.3 ▲ 78TD Securities Inc 12 16 24,705.5
166 7.5▼
US Bancorp 11 19 24,975.8 2.0 0.4 ▲ 0.6 ▲4.3 -98▼ 95 3.3 -2.6▼ 180.6Credit Suisse 10 8 25,833.8 2.1 -1.9
-2.1 ▼ -1.8 ▼121 5.5 -85 ▼ 200.8 3.7▲ 86 2.6 -1.3 ▼
Deutsche Bank 9 6 29,132.7 2.3
130.9 2.43.9 -44 ▼ 143.0
115 5.2 -8 ▼Morgan Stanley 8 12 30,255.8 2.4 0.1
-Mitsubishi UFJ Financial Group 7 10 38,932.2 3.1 0.4 ▲ 0.6 ▲
6.9 -56▼ 152 3.7 0.0▼ 203.4RBC Capital Markets 6 7 39,417.5 3.2 -0.8-0.5 ▼ -1.4 ▼150 6.8 -46 ▼ 222.5 4.1
266.9▼ 215 4.9 0.0 -295.5 5.4
Citi 4 4 70,986.6 5.7 -1.3 9.7 -57
▼Wells Fargo & Co 3 3 97,310.9 7.8 -0.2 ▼ -0.1 ▼
-1.4▼ 396.910.6 -3.1 20.3 -191 7.3-0.3
Share%Share%1
# of DealsShare Ch.
1 132,179.7
DealsBank of America Merrill Lynch 2 566Bookrunner Proceeds
147,618.3 11.9
First Half 2015 | Syndicated Loans | Managing Underwriters
AmericasAmericas Proceeds at US$1.2 Trillion | US Leveraged Lending Down 29% | Latin American Lending Up 4%
Americas Loans - Bookrunners (R7) Jan 1 - Jun 30
MarketMarket2015 Rank
MarketMarket
Americas Deals Intelligence
# ofImputed Fees (US$m)Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
ManagerChange in Share%
507.2 ▼25.6 -83 9.3Fees Share Ch.
▼ -0.6
Market2014 Rank
34
449▼
452 20.4 -40 ▼
HSBC Holdings PLC 15 14
▼Barclays 5 5 50,340.0 4.1
JP Morgan ▼
Package Amt (US$m)
2
Target Market
Top Americas Syndicated LoansClosing Date Primary UOP
AbbVie IncBorrower
4/1/2015Mylan NV
Americas Loans by Industry (Proceeds US$m)
AT&T Inc United States1/21/2015Acquisition Fin.
11,059.09,600.0
▲▲4/24/2015 Acquisition Fin.
United StatesAcquisition Fin.
Valeant Pharmaceuticals IntlUnited States
▼-13.0% ▼87.0%
-2.5% -19.2%▲
▼Industry % Change over Last Quarter
944,591.5
27.9%Industry % Change over Same Period Last Year
-10.3 ▼
55.9%
Bookrunner Total 2,214
United States
Top Twenty Five Total
Acquisition Fin. Credit Agricole CIB0.7General Corp. Purp.16,960.0 National Bank of Canada Fin'l
24 2.323
15.5
24 9,191.7 0.7 -0.1
8,437.426 452
Project FinanceUnited States
-0.10.1
General Corp. Purp.
100.0
25
KeyBanc Capital Markets Inc
3,607.2
61 2.8
0.032.313
▲0.6
▼0.7 ▲ 50
▼ 40.1 0.7▲0.2
▼-3429 8,739.3
Package Amt (US$m)18,000.0
General Corp. Purp.2.3 0.3- 0.0 -
▼
US Leveraged Volume
100.0 -3321,243,126.9
▲
75.94/30/2015
United States
Equinix Inc 12,324.8
-9.05,447.9
66.3
Target Market
United StatesWal-Mart Stores Inc
Ford Motor Co United States
11,500.0
United States
Jan 1 - Jun 30
United States
9,155.0
Export/Import FinanAcquisition Fin.
3/19/2015Closing Date
6/30/2015 13,000.013,426.0
Primary UOP
6/3/20155/12/2015
Cheniere Corpus Christi Hldg4/30/2015
CVS Health Corp
5/13/2015
Depository Trust Co 14,000.0
$227,117.218%
$146,620.812% $144,728.1
12%$114,872.2
9%
$113,382.39%
$103,723.48%$94,838.2
8%$74,813.16%
$74,588.26%
$54,764.34%
$49,209.64%
$2,809.30%
Energy and Power Financials Industrials Healthcare
Retail High Technology Materials Real Estate
Consumer Products and Services Consumer Staples Media and Entertainment Telecommunications
Government and Agencies
2,136 2,086
1,737
1,107
1,470
2,006
2,259
3,016 2,965
1,017
0
500
1,000
1,500
2,000
2,500
3,000
$0
$300
$600
$900
$1,200
$1,500
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
# of
Issu
es
Proc
eeds
(US$
b)
Q1 Volume (US$b) Q2 Volume (US$b) Q3 Volume (US$b) Q4 Volume (US$b) # of deals
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4
Americas Loans - Mandated Arrangers (R8c)
112.0 2.142 1.9 -17 ▼-
Jefferies LLC 25 25 8,350.3 0.7 -0.1 ▼ 0.2 ▲2.4 4- 52 0.3 0.0▲ 15.5National Bank of Canada Fin'l 24 26 8,437.4 0.7 0.0
0.0 - -0.1 ▼61 2.8 -34 ▼ 40.1 0.7▲ 46 0.8 0.2 ▲
KeyBanc Capital Markets Inc 23 24 9,191.7 0.8
30.0 0.62.1 20 ▲ 45.5
65 3.0 0 -Mizuho Financial Group 22 28 12,527.2 1.0 0.5
▲CIBC World Markets Inc 21 20 18,442.4 1.5 -0.1 ▼ 0.1 ▲
6.7 -9▼ 147 2.5 0.3▼ 132.3SunTrust Banks 20 16 19,078.1 1.6 -0.1▼ 0.1 ▲130 6.0 -20 ▼ 85.1 1.6
145 1.5 0.3 ▲RBS 19 11 19,221.2 1.6 -0.8
21 20,418.8 1.7 0.150.5
6.6 -9 ▼ 83.0▲-0.1 ▼ -0.3 ▼69 3.2 -13 ▼ 0.9
1.6 -0.4▼ 87.7 ▼BNP Paribas SA 17 13 20,469.4 1.7
18 20,903.1 1.7 0.0 6.0 -16- 13276 3.5 9 ▲ 80.3 1.5
0.4 ▲15 17 22,156.6 1.8 0.1 ▲ 0.0 -
▲ 57.0 1.14.4 -53 ▼ 158.1 2.9 -1.4 ▼
14 14 23,522.7 1.9 0.1 ▲ 4.0 1888
▼13 9 24,579.2 2.0 -1.3 ▼
-10▲ -0.1▼ 46.315 24,705.5 2.0 0.3 3.695
▲166 7.6 26 ▲ 101.5 1.978 0.9
3.4 -2.6 ▼11 19 24,975.8 2.0 0.3 ▲ 0.6
▼200.4
4.4 -97 ▼ 180.695▼ -1.9 ▼120 5.5 -83 ▼ 3.7
-1.3▼ 143.0 ▼2.79 6 29,040.7 2.4 -2.0
127.8 2.412 30,255.8 2.5 0.2 3.9 -43▲ 86
0.67 10 38,123.9 3.1 ▲111 5.1 -1 ▼3.8
6.90.0 -7.0 -56 ▼ 203.3
-1.5 ▼152
4.1 -0.5 ▼3.2 -0.8 ▼
▲1505 5 50,340.0 222.5 4.1
5.7 -1.2 4.9 0.2262.0-46 ▼
9.5 -51 ▼0.0 -
Share%
295.4 5.5-1.37.4 ▼395.8▼
▼-0.6505.3 9.4Fees# of DealsShare Ch.
▼ ▼
20.7 -39 ▼20.5
Deals-0.3 561
3 3 97,210.9 7.9208
-0.2 ▼ 451▼4Citi
▲6RBC Capital Markets
69,464.5
Credit Suisse
7 39,417.5
8 25,833.8
-8▼
10
4
▲▼
12
16
PNC Financial Services Group 18
BBVA 25 27 9,718.9
3.524 11,329.4
78▲
Credit Agricole CIB 320.10.1
14,348.50.923
0.4- 0.117,076.0 ▼1.4
Mizuho Financial Group21 20
25CIBC World Markets Inc
# of MarketMandated Arranger
RBS 1771.7 -0.9
MarketShare%
Goldman Sachs & Co
MarketMarketShare%Fees Share Ch.
Change in ManagerProceeds
2015 Rank
Market
22.7
Share%
11.9
▼
Market
-188 396.9
266.7-62
Manager
-53▼
87.5
Market
▼
JP MorganWells Fargo & Co
0.6
First Half 2015 | Syndicated Loans | Managing Underwriters
Imputed Fees (US$m)
Share Ch.
▼
Proceeds per Bookrunner (US$m)2015 Rank
2014 Rank
Jan 1 - Jun 30
DealsProceeds Share Ch.
▼7.3
2014 Rank
46.5
0.6
2.1 -1.9-1.9
1.6▲- 8
▼
Market
Jan 1 - Jun 30
# of Deals per MA Imputed Fees (US$m)
Americas
▲
146,725.52 -3.1
# of Deals per Bookrunner
447
1.7
-0.1
0.41.1
84
▼
95
0.0
▼6.6
0.0
▼
21
25.7 -81131,333.8 ▼
12.010.7 -184
-0.9
-▼222.5▼
507.2
-0.1▲
5.44.9
8.3
3.7
295.5
4.1187
540
▼
506
3.5-604
1Wells Fargo & Co 3
17
Mitsubishi UFJ Financial GroupRBC Capital MarketsBarclays
JP Morgan3
Morgan Stanley 17
146
69,101.2
32,344.4Deutsche Bank
15
15
4
-0.2
-3
-11▼
▲
20
2
-2.63.30.6
-1.3▼
132.1▼
3.7
158.2
▲
-99
-0.6
16
2
145
5.5
103,346.2
56
▼-2.586,774.5
0.4
2
7.0
Market Market
121,147.2Share%
650 29.2 -91 -0.7 ▼
Change in Proceeds per Mandated Arranger (US$m)
Bank of America Merrill Lynch
0.50.6
▼
1-1.4
9.7 ▼
▲ ▼32.3
30.1▲ 0.8
0.6
35.9
27.6
1.8
21,369.8
16
PNC Financial Services Group 18
Sumitomo Mitsui Finl Grp Inc
19 10
▲-
1.9
0.8
22,628.5SunTrust Banks
24 10,056.0
20
22
0.8
11
BNP Paribas SA
0.1
▲0.1
-0.1
-0.1
▲0.1
▲
▼
85.1
180.6▼1.9
87.7▼57.9
5.1
1.6
9.1
202.6▲
▲3-1
2.4
▼
0.9
1.52.6
2.9
▲
▼
-27
63
4.3▲
▼200106
▼
66
4.6 -48
-324.8
3.0
4.3 0
-59
2.8
▲ 9.0
7.9
3.8
206
▼
1.923,565.6
21,736.1
2.1
0.0
-1.21.70.2
-0.11.2
0.1
-1.5 ▼
-0.5
▲0.0
2.6
22,568.1
20,824.4
10
14
8
14
▲
2112
27,310.2
1.8
27,762.1
9.319
13
12.227113
▲2.2
32,096.3
131TD Securities Inc
Scotiabank2.2
0.2
114
16
0.3
57.9143.0
44.70.7
0.2
▼103▼
▼
95
▲
1.1 -0.3202
▼
8.4203.4
▼
-30
101.5
266.5
-4
-102
# of Deals
2.6
▼
▼
-1.8140220
-44222 ▼
24.2264
-0.6
--1.0 ▼
10.0
0.0
HSBC Holdings PLC▲7
3.3
32,545.0
40,828.40.13.3
▲8
57
Citi-1.2
1.6
2.4
12Credit Suisse 11
9.9 -4
43,832.9
90.5
92.6
▼6.3
40,612.8
6US Bancorp
BMO Capital Markets24,094.5
1826,264.2
5.9
▲
▼83.0
-1.3
ScotiabankHSBC Holdings PLC
Barclays
TD Securities Inc
129.6
9.3
North America Loans - Bookrunners (R9)
Share% 1
BookrunnerBank of America Merrill Lynch
# of
0.1-1.4
BMO Capital Markets
Mitsubishi UFJ Financial Group
Goldman Sachs & Co
Morgan Stanley
-0.4
▼ US Bancorp
Deutsche Bank
-29.1%92.3%
▼▲Industry % Change over Last Quarter ▲ 17.5%88.4% ▲ ▲▼
1,941
95.0%-28.6%Industry % Change over Same Period Last Year ▼ -32.3% ▼
Bookrunner Total2,921.0 73.4
-485▼
3,979.6 100.0-7.8 ▼
440,923.9 1,017100.0Top Twenty Five Total 332,511.8 75.6 -10.8
28 1.0 -0.1▼ 38.8 ▼2.8 -17Fifth Third Bancorp 25 22 2,405.6 0.6 -0.2 ▼0.3 ▲ 0.0 -10 1.0 -3 ▼ 21.6 0.5
▼ 19 0.5 -2.1 ▼Rabobank NV 24 31 2,556.0 0.6
44.7UBS 23 12 3,029.7
1.11.9 -54 ▼ 21.7
17 1.7 2 ▲0.7 -1.5
▼Nomura 22 25 3,106.2 0.7 0.2 ▲ 0.4 ▲
2.6 -40▼ 26 0.8 -0.1▼ 30.1KeyBanc Capital Markets Inc 21 20 3,542.4 0.8 -0.10.3 ▲ 0.6 ▲15 1.5 -8 ▼ 55.8 1.4
- 31 1.2 0.1 ▲Macquarie Group 20 24 3,674.4 0.8
60.1 1.53.0 -5 ▼ 48.5
66 6.5 -23 ▼HSBC Holdings PLC 19 19 4,642.9 1.1 0.0
▲BMO Capital Markets 18 16 6,128.7 1.4 0.1 ▲ -0.4 ▼
6.9 -8- 70 1.7 0.4▼ 67.7RBS 17 15 6,698.0 1.5 0.00.9 ▲ 0.5 ▲31 3.0 4 ▲ 68.3 1.7
▲ 44 1.5 0.4 ▲Mitsubishi UFJ Financial Group 16 23 7,152.5 1.6
80.3 2.04.3 -24 ▼ 59.6
87 8.6 -22 ▼PNC Financial Services Group 15 18 7,172.0 1.6 0.5
▲General Electric Co 14 13 7,517.6 1.7 0.1 ▲ 0.1 ▲
4.0 -17▲ 41 2.8 0.6▼ 111.9Jefferies LLC 13 14 8,333.8 1.9 0.40.9 ▲ 0.8 ▲66 6.5 5 ▲ 75.3 1.9
- 89 2.8 0.3 ▲US Bancorp 12 17 9,606.1 2.2
112.0 2.88.8 -31 ▼ 110.2
65 6.4 -53 ▼SunTrust Banks 11 11 11,573.9 2.6 0.0
▼Morgan Stanley 10 10 11,720.5 2.7 -1.2 ▼ -1.8 ▼
7.2 -62▼ 73 3.5 -1.2▼ 139.7Goldman Sachs & Co 9 8 14,103.4 3.2 -1.4-0.5 ▼ 0.5 ▲78 7.7 -46 ▼ 158.1 4.0
▼ 85 4.5 -1.7 ▼RBC Capital Markets 8 9 17,630.3 4.0
165.4 4.28.4 -82 ▼ 180.1
77 7.6 -99 ▼Deutsche Bank 7 4 18,291.4 4.2 -2.1
▼Credit Suisse 6 5 18,964.0 4.3 -1.6 ▼ -2.7 ▼
9.4 -51▼ 96 5.0 -1.2▼ 197.4Barclays 5 6 19,290.5 4.4 -1.4▼ ▲87 8.6 -51 ▼ 199.4 5.0 0.6Citi 4 7 21,928.6 5.0 -0.1
▼JP Morgan 3 2 37,088.1 ▼ 7.2 -1.2▼ 192 -1698.4 -3.3212.7Wells Fargo & Co 2 3 37,795.9 20.3374.6
8.6 0.111.0 -1.2
18.9▲ 206
27.9
287.0
▼ ▼-106
9.4 -0.60.0 -5.4▼
▼
# of Market Change in
Bank of America Merrill Lynch 1 1 48,559.3Deals Share%Bookrunner
Manager Market# of Deals
Imputed Fees (US$m)Market
Fees Share% Share Ch.2015 Rank
2014 Rank Proceeds
Market MarketShare% Share Ch.
-12.8% ▼ -18.3%
US Leveraged Loans - Bookrunners (R11a)
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner
284 -126
26.0% ▲
Bookrunner Total
Industry % Change over Last Quarter 55.3%Industry % Change over Same Period Last Year
3,625.2100.0-284
1.6▲76.6
3270.1
5,199.6▼
0.6 0.3 ▲-8.5
9Scotiabank 25 27 6,696.9Top Twenty Five Total
▲ 30.9▲45 2.3 13 ▲ 29.8 0.6 0.1
92 1.6 0.0 -Credit Agricole CIB 24 24 6,846.7 0.6 0.0
112.0 2.24.7 -25 ▼ 83.1
42 2.2 -17 ▼General Electric Co 23 21 7,776.1 0.7 -0.2
▼Jefferies LLC 22 22 8,350.3 0.8 0.0 - 0.2 ▲
3.1 -34▼ 61 0.8 -0.1▼ 40.1KeyBanc Capital Markets Inc 21 20 9,191.7 0.8 -0.1▲24 1.2 -1 ▼ 30.9 0.6
88 1.3 -0.5 ▼TD Securities Inc 20 32 9,300.5 0.8 0.4
44.9 0.94.5 -19 ▼ 69.2
45 2.3 21 ▲BMO Capital Markets 19 19 10,010.0 0.9 -0.1
▼Mizuho Financial Group 18 25 12,342.3 1.1 0.6 ▲ 0.3 ▲
3.3 -13▼ 65 0.9 -0.3▼ 48.4BNP Paribas SA 17 13 18,604.0 1.7 -0.2▼ 0.2 ▲147 7.6 -9 ▼ 132.1 2.5SunTrust Banks 16 14 19,071.3 1.7 -0.2
▼ 85.1▼ 130 1.6144 7.4 ▼-9
6.7RBS 15 11 19,221.2 1.7 -0.9 -18
▲PNC Financial Services Group 14 16 20,305.2 1.8 0.1 ▲ 0.4
3.7 10▲ 71 1.5 0.2▲ 75.6HSBC Holdings PLC 13 17 20,642.1 1.9 0.2▼ -1.5 ▼95 4.9 -53 ▼ 158.0 3.0Goldman Sachs & Co 12 8 24,579.2 2.2 -1.4
8.6 26 ▲ 101.5▲ 16695 4.9 -95 ▼ 180.6
US Bancorp 11 15 24,975.8 2.2Credit Suisse 10 7 25,833.8 2.3 -2.1
5.9 -42▼ 114 3.5 0.2▼ 181.3RBC Capital Markets 9 9 27,079.3 2.4 -0.7120 6.2 -82 ▼ 200.4 3.9Deutsche Bank 8 6 29,040.7 2.6 -2.2
4.4 -42 ▼ 142.8▲ 86109 5.6 2 ▲
Morgan Stanley 7 12 30,255.8 2.7 0.2
▼Mitsubishi UFJ Financial Group 6 10 37,450.0 3.4 0.7 ▲ 0.7 ▲
7.6 -46▼ 148 4.3 -1.6▼ 221.5Barclays 5 5 49,259.1 4.4 -0.6-1.4 0.2 ▲202 10.4 -52 ▼ 259.1 5.0
-37 ▼ 294.7▼ 449Citi 4 4 67,260.3 6.0Wells Fargo & Co 3 3 96,982.9 8.7 -0.1
442 22.8 -183 ▼ 392.9 7.6Bank of America Merrill Lynch 1 2 145,575.5 13.1 -0.2
Market
559Fees# of DealsDeals Share%
28.8 501.9-77
27.1%Industry % Change over Last Quarter 55.3%
Bookrunner Proceeds# of
Share% Share Ch.2015 Rank
▲
Jan 1 - Jun 30
▼▼
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Industry % Change over Last Quarter ▲ 29.3% ▲ 88.8%Industry % Change over Same Period Last Year ▼ -12.1% -18.7%
58.3%-2.3%
2,182 -301 5,386.5 100.0▼ 68.2 -8.5 ▼
Bookrunner Total 1,224,240.1 100.03,661.0Top Twenty Five Total 934,725.8 76.4 -10.3
2,2271,247,315.2
▼-2.5%
100.072.5
▼
Industry Total
-19.0%
Top Twenty Five Total 903,281.2
-12.8%▲
▼9.7
Manager
-326
▲84.8%
82.2
Share%
-1.4 ▼
5,446.83,616.0
Jan 1 - Jun 30
2.8
Change in
▼128,015.0
▼
US Loans - Bookrunners (R11)
Industry % Change over Same Period Last Year
JP Morgan
2014 Rank
▲
▼100.066.5
2.0 0.6
-
-0.7Share Ch.
-9.1
0.0
Market
2.4
3.5
▼
23.1
Market
▼
11.5
0.6854,665.7
0.4
0.1
-2.7% ▼
1,114,900.7
▼
▼
-
100.0
▲
▼
▲
-9.9
▼
▼
-11.0
-3.3 ▼
Market
▼2 1
-2.7
1.60.0
0.1
-1.3
5.7
Market
126.2
▼-1.9▲▼▲
▲-
▼
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5
3,131.2
Fees
0.0
▼
23 -0.3
0.7
Top Twenty Five Total
Top 10 Americas Loans Use of Proceeds (US$m)
-0.23.1 4.04 6
-1.5
1.6
1.510.7
1.1
▼
1.8
2.5
▼
2
3
19
7
-21
17.9
16.3
17.2
11.4
4
▲
▼
4
94.2
63.1
Manager
First Half 2015 | Syndicated Loans | Managing Underwriters
Jan 1 - Jun 30
▲
Jan 1 - Jun 30
Change in
0.3
Barclays6 5Mitsubishi UFJ Financial Group
Citi
17HSBC Holdings PLC
3
Mizuho Financial Group
▲ Americas Yield Type0.4
4,925.6 1.0 1.06.54.7
10.149,690.3
19
8
4
122.7
▼0 -
0.6
▼▼
▲2.6
▼
3.6
0.0
▲
▲
▲
0.0
-1.5
-
-0.60.0
-1.8
1.7
0.6
0.9
0.8
2.1
1.6
0.6
0.9
0.8
1.6
BNP Paribas SA13.6
14.1
4.2
▲▼
7,979.213
RBS10
Bank of America Merrill Lynch
13,322.6
7,804.6
10,021.310,132.0
US Bancorp
7
8,149.1
Wells Fargo & CoJP Morgan
9302.4 ▼9
5.3 52
0.513
Morgan Stanley
11,998.7 6.718.3
▼
11.6
6.3▲
-1
▲
▼
▲
11
7
US Investment Grade Loans - Bookrunners (R11b)
1
# of Deals
▼
-
0.6
▲-
▲▲
0.0
# of Deals per Bookrunner
-4849.1
-8
34.321.06
10.0
17
19.723.242.6191
4553.6
7.0-2
297
82
1
▲
Share Ch.
▲
▲
79.0
-1.6
1.2
-0.2-2.5
1.3
6.13.1
0.4
-0.9
0.9
10.7
0.6
2.8
1.06.40.5
0.686 4
8.10.0
0.50.1
Bank of China Ltd
PNC Financial Services Group
TD Securities Inc
Deutsche Bank 16
KeyBanc Capital Markets Inc
Lloyds BankCredit Suisse
2019SunTrust Banks
1718
▼0.6
89 7▼
▼
14-0.114
3.6163.1
▲2.2 ▲
Goldman Sachs & Co
1515
13
10
11RBC Capital Markets 14
814
ScotiabankBMO Capital MarketsCredit Agricole CIB
22
-2421
440 862 7
3,027.824
21 20
25 2,996.6
4,595.3
5,884.5
1835
1622
7
Market
▲
-0.9
-0.5
7,511.9
3,737.8
4,350.1
-
16.4
▲1.6
0.2
2.0
8.7
5 5
25,921.7
4,039.4
17,385.0
Market
0.2
Bookrunner2015 Rank
# of
▼
8.3
-0.1▲
Share%
3.6
▼▼
▲
Americas
2.2
-0.6▼-0.1
▼
▼
▲
2.7
▼
6.9
-0.2
2.4
▼
0.4
-0.5
4.2
0.4
2.2
2.115.7
7.5
3.2
23.2
3.0
2.9 ▲▲6.3
-2▼▲
10.012
1
1916
▼
-14
28
29
48-
6.5
7
-17
28
Deals220
Share%
203
Market
45.3
-10
104
2.8
6.0
28
▲
▲▼
558 3
1.1
▼
▼
▼
-5.5
0.3
▲
1.2
29,392.742,720.3
3.513,610.1
Proceeds
10
0.8
16
21
45
-▲
1.2
-2.1
68,048.480,486.5
▲13.9
Share%
Proceeds per Bookrunner (US$m)
Share Ch.
5 6
22
2014 Rank
1
43
15
▲4
▲
▲
-0.63.61.7
1.6▲
9.7
Imputed Fees (US$m)
12.2
Market
-3.0
▼ 5.3
0.4
▼
▼▼14.5 -0.1
Market $601,854.550%
$183,392.115%
$177,346.515%$67,904.9
6%$60,735.0
5%$36,130.9
3%
$23,215.72%
General Corporate Purposes Refinance Bank Debt Acquisition Financing Refinancing
Working Capital Project Finance Leveraged Buyout Property Acquisition
Export/Import Finance Capital Expenditures
600
700
800
0.2 ▲.1 0.2 ‐0.2 ▼
▲2.4 0 -
.1 0.22.4 121*21*
1.1250.0Banca IMI (Intesa Sanpaolo)
-31*
12.3%2.1%
490,926.7 100.0
250.0
Bookrunner Total 648.7
▲▼
▼
▼
-5.1
Industry % Change over Last Quarter
-10.4%
3.8
▼Top Twenty Five Total
▼
-52
▲
▲1.9
Imputed Fees (US$m)
7.2
4.2-151 ▲
5.2
-0.7-6.3
3.9
-43.2%
86.7
▼-9.5%
100.0
▼-27.3%
Industry Total
▼
▼ 316 28 359.6 ▲
1.6 -2.7
100.076.4 1.717,227.3
22,561.1
302.8Caixa Economica Federal 18*
22
Deutsche Bank 20 2118*
BMO Capital Markets
KfW IPEX-Bank GmbH 1.11.6Rabobank NV 17
302.8-305.0
250.6
▲
5
3
12.2
2.41.3
7.3 4.6
2.6 -1.8 -8 ▼▼ 4.57.3 3.4
4.0
17.1
Itau Unibanco 15 10 369.9Santander 14 9 588.5
▲15 843.2
3.4▼14.6 -3 ▼ 2.9 3.3
.91.2
▼ 23.8
Scotiabank 13 16 754.9Natixis 12
71.33.7 ▲
3.2-1.9
61.24.9 ▼ 1.1
10 19 865.1 12.2 0 - 3.6JP Morgan 11 4 845.8Societe Generale
-83.8 2.3 ▲3.9
7▲
5
▼
-0.64.74.9
14.6 -3 ▼ 2.1▼ 6-6 ▼ 2.2 2.6 0.40.8 12.25
▼-71.3
Bank of America Merrill Lynch 9 8 867.6Credit Agricole CIB 8 1,048.2Mitsubishi UFJ Financial Group 7 5
5.0 ▼ 22.0Citi1,114.31,122.4 -1.51,122.4
25*BBVA 12Sumitomo Mitsui Finl Grp Inc 4 7
3Mizuho Financial Group
5*
HSBC Holdings PLC 36
2015 Rank
7.7
Share% Share Ch.
2 1.5
Mandated Arranger
▼
1,497.2-6
Market
▲-4.0
Proceeds
1,743.57.6 10 24.4
92.4
6.6
-0.7
1.4
22.0
5.0
8.3
▲ -9.8%▼
# of DealsChange in Manager
5.1▲ -2
▼
-4.6448
▼▲
-5.3▼
▼
5.617.1 -7
14.65.8
4.81.9
2 ▲
9▲ 6
8
9 22.0
-6
▼ 8.5
Market# of Deals per MA
100.0
-4.9%
7.811
2014 Rank
Proceeds per Mandated Arranger (US$m)
▼
# ofDeals
4.4
86.4
7.4
2.5 1.7
Americas Imputed Fees - Mandated Arrangers
▼
FeesMarket
▼
▲
▼
3.1
73.1 ‐4.8
2.4 2.8
2.2
-2.8
3.8 3.8
4.2
1.0
3.8
▼
▲
▲
3.2
Share Ch.
▼
-0.7
▲1.8
▲
-0.8
-1.0
89.7
BNP Paribas SA
Industry % Change over Last Quarter 6.9% ▲
440,862.7
Industry % Change over Same Period Last Year
1,757.0
▲
Latin America Loans - Mandated Lead Arrangers (R16)
11
63
1,719.9
-5.5
-8
▲
Share%19.5
Market
0.6
3.1 3.6
Share%
558.3
63.5
▼
3.8
▼2.4
Jan 1 - Jun 30
▼
Market
1.1 0.6
0.31.3
1.4
-4.3
1 ▲▲ 12.2
▲▲
1
▲
1
‐2-▲
1.3 1.2
▲1.11.1
1.1 0.0
▲
1
1.10.4 1
3.3
1.7
-4
-26
1
▼
3.3▼
2.4
▼
▲
41
21
1
2.4▲
-53.6%-38.8% ▼
0
▲5
1 1
4.9
First Half
*tie
Industry % Change over Same Period Last Year 3.8% ▲
Top Twenty Five Total
Banco BTG Pactual SA 2.4 -▲
TD Securities Inc 21* - 250.0 1.1 1 ▲ .1 0.2CIBC World Markets Inc 21* - 250.0 1.1 ▲
▲0.2.1 0.2
0.2 ‐0.30.2 ▲
RBC Capital Markets 21* 26 250.0 1.1 ▼2.4 0 - .1
0
100
200
300
400
500
600
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2009 2010 2011 2012 2013 2014 2015
Proc
eeds
(US$
b)
Undisclosed (US$b)Highly Leveraged (US$b)Leveraged (US$b)
2,065 2,1211,873
938
1,402
2,134 2,0312,285
2,553
2,227
0
500
1,000
1,500
2,000
2,500
3,000
0
1
2
3
4
5
6
7
1H06 1H07 1H08 1H09 1H10 1H11 1H12 1H13 1H14 1H15
# of
Issu
es
Tota
l Im
pute
d Fe
es (U
S$b)
Total Imputed Fees (US$b) Number of deals
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6
`
EMEA syndicated lending for the first half of 2015 reached US$519.4 billion, a decrease of 16.6% from the sameperiod last year. Borrowers from the Energy and Power sector were the main drivers of EMEA activity, accounting for26% of volume, with borrowers from Industrials and Financials receiving 18% and 12% of loan proceeds, respectively.General Corporate Purposes made up 40% of loan uses in the year-to-date period, followed by Acquisition Financingand Refinancing, accounting for 15% and 13% shares, respectively.
The target nations with some of the largest year-on-year gains were Israel (up tenfold), Italy (up threefold), Turkey(double), and Luxembourg (up 66%). Target nations in decline included Denmark (down 93%), Germany (down 52%)and the United Kingdom (down 28%).
According to Thomson Reuters/Freeman Consulting, the first half of 2015 arranging fees decreased 27.1% from thesame period a year ago. The leading fee earner in the EMEA region was JP Morgan, with US$92.8 million in fees (a5.1% wallet share).
Jan 1 - Jun 30 2015
Europe, Middle East & AfricaEMEA Borrowing Down by 17% | Israel and Italy Targeted Loans Up Significantly | JP Morgan Top EMEA Fee Earner
EMEA Use of Proceeds (US$b) Jan 1 - Jun 30 2015
Top EMEA Syndicated Loans (US$m)
First Half 2015 | Syndicated Loans | Managing Underwriters
EMEA Deals Intelligence
$15,250.0
$15,245.0
$10,764.0
$9 999 0
Glencore PLC
Royal Dutch Shell PLC
Enel SpA
ARAMCO
$206.540%
$78.115%
$69.413%
$59.611%
$27.55%
$13.53%
$13.33%
$33.56%
General Corporate Purposes
Acquisition Financing
Refinancing
Refinance Bank Debt
Project Finance
Export/Import Finance
Capital Expenditures
Leveraged Buyout
Working Capital
7.1%
Bookrunner Total
3,753.525
▲Industry % Change from Last Quarter 1.6%
1.2
1,090.673.0
7
323,893.0235,763.3Top Twenty Five Total
▼▲
100.0
32Rabobank NV
Industry % Change from Last Quarter
▲0.8
Industry % Change from Same Period Last Year -22.3% ▼ ▼-9.4% -16.6%▲ 0.1%
8.1
27.3%
▲
▲
▲ 220.4 5.1-3.9 ▼
-33.7%
-45435
0.1▼66.2
Industry Total
25
Industry % Change from Same Period Last Year
720.7 -2.3100.0
-1.2
0.1
4.1 -1 ▼2.8▼ 12
1824 24
▼
▼-0.70.80.7 ▼
▼7.2
100.0
▲-5
4,787.3 0.628 1.0▼▲ 19▼
8.2Nordea 240.0Standard Chartered PLC 23 24
Sumitomo Mitsui Finl Grp Inc 22 1.5 0.24.4 10.4-2DNB ASA 21 23 4,995.8
18 3,814.5 -181.23,970.7
-0.8-0.6
▼Lloyds Bank 20 17 5,157.1 1.6BBVA 19 67.4
-0.5 16.3▼-0.41.011.0▼22▲ 5.1-0.3-0.31.1▲ 12.4
▼23 5.3 -15 ▼ 1.51.5
Bank of America Merrill Lynch 18 11 6,133.6Banca IMI (Intesa Sanpaolo) 17 1.9 1.1 ▲
311.9 -1.4 ▼30
25 5,364.2 ▲ 321.7 0.7-0.3
0.7
-9 ▼ 22.1
▲▲6.9 27.26
▼2.5 1.72.0
▲7.1
33 6,277.8
RBS
47 ▼Natixis 15 13Goldman Sachs & Co 14 21
35.76,756.8
2.4 ▲3.3 0.710.8 -262.1
7,707.4▼ 26 6.0 23.6Mitsubishi UFJ Financial Group 16 15 -0.4 2.2-21 ▼
13
▼-0.6
2.042 9.7
-1.4 ▼
23.1-31
9,401.7 ▼9,745.8 ▼
27▲3.02.9 -1 ▼
24.5
9 ▼-0.8 ▼64 14.7 -42
26.3▼ 22.2
-1.1 ▼6.21.4 -1.0
2.4 -0.72.1
Citi7 63 14.510,371.9
24.310 12 10,321.9 433.2 -10 ▼▲
Commerzbank AG 12 6 9,878.9 3.13.1 1.2 ▲ 48Santander 11 19 10,139.9 2.3 1.211.0 12 ▲
Barclays 8 10 10,552.33.2 -1.2 ▼
Societe Generale0.9 ▲58 13.3 -11 ▼▼
-0.742.9
▼ 32.5-17
▼7 8 11,036.33.93.0 -1.6 ▼ING 9
UniCredit 6 5 11,816.5 3.7▲3.4 0.113.3 -303.4
▼
▼ 71.3▲
14.717.74.3
0.1 ▲72
-0.8 ▼-0.6 ▼4
6439.5
-27 ▼
Deutsche Bank 1
Credit Agricole CIB 4 2 15,862.5 4.9JP Morgan 3 44
-23 ▼ 45.9▼3.210.1
3.8HSBC Holdings PLC 5
BNP Paribas SA 2 1 17,990.6-1.9
-1.177
4.216.616 17,758.4
14,002.3 ▼
# ofShare Ch.
0.4 ▲
Manager
Imputed Fees (US$m)Market
DealsChange in
Proceeds per Bookrunner (US$m)
# of Deals17.0
2015 Rank
2014 Rank
MarketShare % Share %
51.1 4.7
EMEA Mandated Lead Arrangers (R19)
# of Deals per MLA
222
EMEA Bookrunners (R17)
MarketShare %Bookrunner Proceeds Proceeds Share % Share Ch. Deals Share %
2014 RankFees
2 23,306.0 4.5 -0.9BNP Paribas SA 1▼
5.5 3.15.6 -2.1 ▼
# of Deals per Bookrunner
6.5-4
Jan 1 - Jun 30
Proceeds per MLA (US$m)Change in
Jan 1 - Jun 30
56.8▼
Market
Imputed Fees (US$m)
2015 Rank
Market
58 ▼ 37.2
-31 ▼102 23.4▲
▲3.6 -0.7
▲
3.1
5.2
Manager Market MarketMandated Arranger
Market # of Market# of Deals Fees Share % Share Ch.
Market
40.9-34
-47
2.4%
3
17.6
18,165.6 5.6 74 -12 ▼-2.0
▼204
0.1
24.4 -73
2.2 -0.3 ▼2.2
-35-0.7 ▼
Share Ch.
3.3 -0.3
0.0 -2.29.90.1 ▲
▲
-21 ▼
1.0
3.4▼-
0.3
3.14.2
1.11.8
▲ 19.6
59.565.1
▼
▼ 3.30.7
0.2▼ 62.2
0.0▲
▼
▲▲
-1.0 ▼3.6▼
3.6▼
RBS 6
4.1 1.7
3.3Barclays 5 6 17,389.2
16,974.4
JP Morgan 3
-41
▼-1.2
1473.4 -0.5 ▼3
148 17.7Credit Agricole CIB -42
▼-20 ▼
7 15,914.6 3.1
-1.7
-0.7-1.3 ▼
▼2.4
▼
3.592.8 5.1
▼26.6
HSBC Holdings PLC 2 1 21,933.7 4.2▲▲
63.8 3.5 -1.1-1.485.5 4.7 -1.7▼ ▼
Deutsche Bank 63.7-12
139
▼10.487
7 4 16,518.4 3.2▼ 56.4
75.716.6 -77
15 21,252.34 5 20,046.5 3.9 -0.1 ▼ 127 15.2
▼-44
1420.1UniCredit 10
Societe Generale 8 8 16,314.9 144 17.2
10 15,849.6
-0.6 ▼
17.0157
3.1 -718.8
▲ING 9
13 11,335.314.4 -47Commerzbank AG 13 9 13,085.0
Citi 12Santander 11
9912 14,902.7 14511 14,576.8 2.8
▼▼ 1202.5 -0.9
17.42.9 0.3 ▲ 40.433.2-0.1
10 ▲
-43▼ 30.7
46.3▼1.2-70.0 - ▼ 22.263 7.5
-0.5 85
-0.4
2.6-0.4
▼
1.8 -0.3
-0.6
▼▼
0.265.5
▼ 33.387
2.2
1.91.8
-0.1
1.6 ▲
11.9 -10 ▼▼
1.810.42.3 0.51.8 -0.1
73 8.7 -35 ▼ ▲▼
-0.5 ▼1.7▼
40.833.0
33.3
16 17
7.3 -14Banca IMI (Intesa Sanpaolo) 20 26 7,433.0 8.6
611.6 -0.1Mizuho Financial Group 19 20 8,235.9Natixis 18 16 8,251.9Sumitomo Mitsui Finl Grp Inc 17 18 9,276.1
10.2 -44
9,881.2 ▼Bank of America Merrill Lynch
▼-0.9
1.3 30.75.9 1.1 -0.7 ▼
1.7 -0.86,567.5
519,392.9324,917.6
10
▼
-0.3 ▼872 ▲
1.3 0.2 48-0.4 ▼
▼-0.2 ▼ ▼
1.1 -0.3▼-0.7
1,130.31.322.835
62.3
0.65.7
20.6
-6.7
0 - 10.2 ▼
-70
5.6-0.5
-8
100.0
1.0 -0.3 ▼5,194.8Top Twenty Five Total
▼-7.7% ▼ -27.1%
835
75 9.0
23.0 1.3
-7
0.1
▲ 7.3%
1,810.2▼
4.2
Club deal volume is not included in Thomson Reuters' Bookrunner League Tables; however, Mandated Lead Arrangers volumes include both bookrun and club transactions.
7,200.9
Credit Suisse
▲88
6,741.010.5
1.4 0.3 ▲
▼
BBVA 21 19 1.4▲
-24 ▼49▼47
22 27
255,583.2
62.9 -7.6
Standard Chartered PLC
DNB ASAGoldman Sachs & Co 23 23
Mitsubishi UFJ Financial Group 15 14 11,152.7Lloyds Bank 14
$9,999.0
$7,655.2
$7,628.5
ARAMCO
Deutsche Annington Immobilien
Pirelli & C SpA
Working Capital
Others
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7
Lloyds Bank 24 24 676.8 1.0 -0.3 ▼ 3 2.6 -4 ▼ 7.2 1.2 -0.6 ▼Top Twenty Five Total 1.1 ▲ 403.0 67.8 0.4 ▲53,513.7 76.5
Share Ch.
7.64,507.53 12
Share %
Market2014 Rank
2015 Rank Deals
Market
Bookrunner
European Leveraged Loans (P10)
Europe, Middle East & AfricaFirst Half 2015 | Syndicated Loans | Managing Underwriters
# of Deals per BookrunnerProceeds per Bookrunner (US$m)
Jan 1 - Jun 30 EMEA Quarterly Syndicated Loan Volume
Market
Fees Share %
Market# of Market Change in Imputed Fees (US$m)
Share % # of Deals
▲4.5-8
▼
▼
32.5 5.531 27.0 13 5,254.0-1.3 25.2 ▼-4.5-529 ▼ 4.929.2
Manager
BNP Paribas SA 21 1 5,656.3 ▼
Share Ch.
14 4.7 2.012.216.5
0.65.6 2.0 ▲19Barclays
26.7
8.1Deutsche Bank
16.5193.1 ▲-0.7
6.514
Proceeds
2 2,833.0Credit Agricole CIB
4 11 3,900.6
29.1
29.33.6
▲
5 ▲Banca IMI (Intesa Sanpaolo) 6
4.1
▼6.5 2.4▲ 38.5
▲
▲
-1.14JP Morgan
UniCredit▲4.9 2.1▲ 53,239.1
8
14.3
19.1
▲20.0
HSBC Holdings PLC 9 6 2,128.0 ▼3
17 ▼17
14.83.1 -0.9
0.9▲ ▲1
▼1.02.73.4
4▼ 19-4.3
32 2,883.97
2,699.2
2.9 10
▼ -1.8
1.0
2.40.7
3.2
2.42.6
3.018.118.2
-7 -0.8
▲ 11 9.6▼ 4.9
7 ▲4.2
3.9 -1.216.5
16 13.9 -1Goldman Sachs & Co
China Construction Bank 12 2.8 1- 1,907.1 2.8
▼-8
▼
13 2,117.715.18.7
▼
1,994.2 ▲
3.1
▲▲Natixis 10
Bank of America Merrill Lynch 113.1
1▲14.80.2
1.1 ▲
ING 15 8 1,705.25 1,762.4 7
2.6 11 9.66.12.5
▼▼
Societe Generale 13 9 1,774.3RBS 14
2.5 -1.4 11 9.6▼
18101,129.3 1.2 ▲ 8.7 5
11-2.0-2-8
0.11.6
▲ 6 ▼ 5.5▲
19 1,428.3 2.1
36
Commerzbank AG7 1,307.4
16Credit Suisse 17 1.9 15.4
▼UBS 21 18 845.9Citi 20 17 1,110.9
5.2▼9.6
-1
8.50.2▼
22RBC Capital Markets 19
1.7
7.0 ▼
1,166.5Santander
Sumitomo Mitsui Finl Grp Inc 23 61* 0.9▼ 4
678.1
▼-257 6.1
0.4-0.1
1.64.3 -2-0.7-0.6 ▼
1.21.6
808.0 3.51.01.2 -0.2 -4
▲ 2 1.7DNB ASA 22 23
▲
▼▼
-0.17.4
-▼
▼0.4
▲▲1.6
EMEA Syndicated Loans by Industry (US$b) Jan 1 - Jun 30 20150.42.61.3
▲
▼
▲
-2.62.3
1▼
12.2
-0.5-2.00.01.32.1
1.482.60.9
-3
▼
9.69.7
20
▲
-▼
▼
▲-4 13.9
-1.6-1.2 0.0
11.4-6 ▼
-1.11.916.7 2.8
$17 9Energy and Power
223276
249264 265
341315
362
379
464
418
400300
390
315355
355387395431
380
525507
479 413423
0
100
200
300
400
500
600
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2009 2010 2011 2012 2013 2014 2015
# of
Issu
es
EMEA Proceeds (US$m)Number of deals
Proc
eeds
(US$
m)
25 15 271.5 0.9 -1.7 ▼ 4 5.3 -2 ▼ 2.9 0.9 -2.0 ▼Top Twenty Five Total 23,680.4 75.7 -5.3 ▼ 244.7 73.3 5.3 ▲
y69,471.6 100.0 115 -22 594.8 100.0
-0.2
5.30.4
▲0.8
▲
1.310.7
1.022
0.7▼▲1.31.0
9
▼ ▲
▲8.1 2.4
2.1
12.0
Bookrunner Total
▲Industry % Change from Same Period Last Year
UniCredit 8 8 1,089.6Natixis 9
JP Morgan 514.72.0 ▲
9 1,341.1
12.0
4.3
3.7 -2.0
▲6
▼
26.753
5.9▲
13.310.812.0 3.3-7 ▼
4.23.6
▼ -410.78▲▲
▼
▼
14.11 ▲
3
4 ▲-1
▲
1.3 1
8.0
1
0 -
0.3
0.52.4
0.71.4
2.4
-4 ▼4 5.3
-1
0.8
-1
3.5
1.42.5
▼1.6
2.2 1.4
▼ 20.7
4
Bank of America Merrill Lynch 16 14
0.8
11.5
441.3
-06.7-5 ▼
▲ 55.3 -1
18
-1.7
1.31.1
▲ 17.4
1.8
4.1 1.2 0.3
8.7
4.7
2.6
▼
4.02.7
1
Banca IMI (Intesa Sanpaolo) 17 34 447.8 1.4 1.1
42 425.3 1.2CitiCredit Mutuel SA 19
26 1.4
300.021* 300.0
SEB 20 27National Bank of Kuwait SAK
411.9 1.31.0 1.0
2
38* 283.3 0.9 ▲289.3
▲
▼ 2Mizuho Financial Group 23 2.7Landesbank Baden-Wurttemberg 24
▼Industry % Change from Last Quarter 59.4% ▲ 27.3% ▲ 4.2% ▲
-48.7%▼ ▼-42.6%
Mitsubishi UFJ Financial Group 21*▲
Morgan Stanley
506.0
13 700.8UBS 12
24
RBSCredit Suisse 10
2.3 -0.2
20 664.0RBC Capital Markets
-0.5
2.1
-1.3
814.911 17 737.8 2.4
-1.8
16 711.60.3
ING 15 6 640.5Commerzbank AG 14
5 1,157.5
0.1 ▲
▼ 10Barclays 6 18 1,254.3 114.0Credit Agricole CIB 7
10
Bookrunner3,432.1Deutsche Bank 1
BNP Paribas SA 2 2 2,871.7 24.0▼1 11.0
▼ 110.8 ▲
14.7-0.1
Industry % Change from Last Quarter 44.7%131.8%
# of Deals per Bookrunner
Share %Proceeds
▲
Change in Market Market
Proceeds per Bookrunner (US$m)Market
Share %# of2015
Rank
Bookrunner Total
4 0.74.0-1.5
13 1,430.1
EMEA Sponsored Loans (P13)
4.6Goldman Sachs & Co 3 3 2,106.1HSBC Holdings PLC
-1▼1 ▲ -0.36.4
Jan 1 - Jun 30
Imputed Fees (US$m)
2.72.2
4.8
▼
▲▲-1
0.5
▲
0.7▲
21.3
▼1.9
4.1
-16.1%
6.7
-16.7%
0.9
2.1 -3.0
2.6
0.7
1.4
▲
▲1.4 ▲
▲
14.7
▼1
▲
▲
ManagerShare %
▲
▼
83.0%
▼
▲5.1 0.55.2
▲
6.2
▼
2.8
8.5 -0.2
3.311.1
EMEA Imputed Fees Jan 1 - Jun 30
31,276.8 100.0 75 -15 333.8 100.0
▲
▼
-0.6
-2.75.3
0.3
-0.3
3.9
▲
-0.21.6
▼
▲
17 22.7
▲▼ -36.8%
-7
Market Market# of Deals
5.1Fees
▼ 13.613.41.6 ▲ 11 14.7 -2 ▼
13.3 ▼
4
10 1,051.9
16.93 ▲ 17.4-1
3.4 11-0.9 ▼ 93.5
▼
9 12.07
Industry % Change from Same Period Last Year
-28.4% ▼
9.2
2014 Rank Share Ch.
▼Deals
-6.018
Share Ch.16.9▼
956
1,131
764
499
606
842
689741
902835
0
200
400
600
800
1000
1200
$0
$1,000
$2,000
$3,000
$4,000
$5,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
# of
Issu
es
Tota
l Im
pute
d Fe
es (U
S$m
)
Total Imputed Fees (US$m)Number of Deals
$132.426%
$92.518%
$60.412%
$57.811%
$27.45%
$27.25%
$23.35%
$21.94%
$21.04%
$19.34%
$17.93% Industrials
Financials
Materials
Telecommunications
Real Estate
Media and Entertainment
High Technology
Consumer Staples
Retail
Consumer Products and Services
Healthcare
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8
Jan 1 - Jun 30 2015Top Asia Syndicated Loans (Ex Japan, Ex Australia)
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Market Change in 2015
Rank
First Half 2015 | Syndicated Loans | Managing Underwriters
Asia (ex-Japan)Asian Syndicated Loans Down 15% l Cheung Kong Property Refinancing - Largest Deal Signed in Q2 | Australia Real Estate - Up 40%
Asia Loans - Bookrunners (All Currencies) (S5c) Jan 1 - Jun 30Asia & Australia Deals Intelligence
Asian Syndicated Loans volume in the first half of 2015 fell 14.5% from the same period in 2014, posting US$205.6billion of closed deals from 612 transactions. It marked the second highest first half volume for the region on record.China led market activity, with US$68.4 billion from 221 deals, up 11.7% from the comparable period in 2014.
The largest deal closed in the second quarter was a US$5.2 billion club loan for Cheung Kong Property. It refinancedthe bridge acquisition loan closed in the first quarter, for the restructuring of Cheung Kong Property and HutchisonWhampoa. The deal included commitments from 28 Mandated Arrangers and was signed in April.
Down 33.2% from the same period in 2014, Australian loans totaled US$33.3 billion from 69 transactions. The top twodeals signed in the second quarter, Federation Centres Finance's US$4 billion and Lend Lease's US$2.5 billion loans,drove Real Estate volume, which showed 40.4% growth from the first half of 2014.
According to Thomson Reuters/Freeman Consulting, estimated fees from Asian syndicated lending totaled US$653.3million in the first half of 2015, down 28.4% from the comparable period in 2014. In Australia, estimated fees wereUS$131.7 million, 38.1% lower than the first half of 2014.
2014 Rank
MarketManagerDeals
# of MarketShare % Share Ch.
Market
30.2-24 ▼116
12.9
Share Ch.
6.8 2.5
Fees
-1.13.2
-12
▼ 14.4 3.3-42-4
▼ 13.3
▼21.8
-1.018.4
▼-0.9 ▼
▼
▲3.0 1.3▲4.9▼
15,790.126,815.9 18.4 ▲8.9 ▲8.3 4.3
▲▼Industrial & Comm Bank China
MarketShare %
36.624.9 -26# of Deals Share %Bookrunner Proceeds
10.9 2.510
▲▼
60-1.0
1 2Bank of China Ltd 2 3
5.56.1
10China Development Bank 3
3.7 2.12.1
▲ 1019 4.1▼
8,007.14.5
China Construction Bank 44 8,804.5
2.5 -0.2State Bank of India 5 1 6,472.1 -10.3
6.0 -7▼
286.4
4.26 3,638.2 12.0
▼6 7-202.5
▼3,661.5-0.8 2.7
HSBC Holdings PLC
▼2.5 0.6 ▲30Standard Chartered PLC 7
▲3,391.6
29Mizuho Financial Group 8 9 3,560.6270.6
3.1
▼
-12.3 ▲DBS Group Holdings 9 12
Korea Development Bank 10 5-0.6
6.2 0.713.60 -
▲3,058.8 2.1 -1.5 ▼
0.12.111 8 3,037.4 ▲4.5 -3 9.8 ▼1.3 -7 ▼ 8.9
▼2.310.1
6-1.12.2
5.821
11 2,849.8 -4 ▼2.0Mitsubishi UFJ Financial Group 120.41.9
2.2▲
0.2 ▲8.4
Agricultural Bank of China 2.0 1.3
ANZ Banking Group 13 16 2,685.23.9 -0.59.6
14 23▲ 24
10.72,593.42
▲ 3.95.2
▲2.1 0.70.6Deutsche Bank
7.130 2,334.51.8 0.6
▼▼
18 ▲
18-0.1
▼ 2.41.9
8 ▲ 9.4-2
▲ 331.61.5 0.3
0.6Mega Financial Holding Co 15Oversea-Chinese Banking 16 22 2,200.1
1 1.42.8 -0.46.5 1.52 ▲6.0 2.6▲
Taiwan Cooperative Bank 1.3▲▼
▲ 11.428▲ 13
-3 0.21.4
▲CTBC Financial Holding Co Ltd 17 34 1.5
18 270.8
1.2 0.1
2,139.80.2
1,791.91,883.1
0.220 31 1,748.30.7
1.323
▼ 5.66.2
1.2
38
26
▲4.9 -2 ▼ 6.3 ▲
2919
▲
1,641.6
1.41,702.2
2.61.2 -0.4
5.62.8
1.621
ING 22
▲0▲
25
13
Bank of Taiwan
5
0.3
1.41
▼136.0
▲12
-▼
1.1 0.6 ▲ ▲▼ -6 -2.48.0 1.8
0.57.00 - ▲0.20.5 0.20.3▲1.0SAICFC 4123 1,440.8
Sumitomo Mitsui Finl Grp IncFubon Financial Holding Co Ltd
$8,464.7
$7,092.5
Yalong River Hydropower Dvlp
Cheung Kong (Hldg) Ltd- Ppty
Bookrunner
-4.5 1.5
Bookrunner Total
▼ 11Top Twenty Total 56.2
0.0Mega Financial Holding Co 20 19 741.9 1.2 -0.6 6.5 -4 ▼United Overseas Bank Ltd 19 14 748.8 1.2 -1.6 ▼ 7 4.1 -1.3
1.23.5-12▲4
-1.6
▼802.1 1.3 0.8 8 4.7
-10 ▼ 3.6 1.2
▼ 6 3.5▲
▼Natixis 0.12.6 0.9
▼18 46
2.6 1.4 ▲
▲
▲ 16 9.4 1RBS 17 9 859.8 1.4 -1.9
▲ 7.6CTBC Financial Holding Co Ltd 16 25 1,119.0 1.8 0.7-3 ▼ 1.6 0.6 -0.2 ▼
▼Bank of America Merrill Lynch 15 26 1,217.8 2.0 0.9 ▲ 3 1.8
5.3 -10 ▼ 6.0 2.1 -1.12.6 -2.6
BNP Paribas SA 14 8 1,228.8 2.0 -1.6 ▼ 9▼ 10 5.9 -9 ▼ 7.5Sumitomo Mitsui Finl Grp Inc 13 6 1,451.3 2.4 -1.5
0 - 9.0 3.0 2.7 ▲7.0 1.0
12 81* 1,600.0 2.6 2.5 ▲ 1 0.61.3 ▲ 12 7.1 5 ▲
10 5.9 2 ▲ 6.6ING 11 22 1,641.6 2.7
3 ▲ 6.5Industrial & Comm Bank China 10 17 2,000.9 3.3 1.2 ▲
10.7Oversea-Chinese Banking 9 13 2,200.1 3.6 0.8 ▲ 13 7.6
1.4 ▲ 18 10.6 -2 ▼22 12.9 0 - 8.2
Deutsche Bank 8 12 2,593.4 4.3
-7 ▼ 9.2ANZ Banking Group 7 7 2,594.6 4.3 0.5 ▲
7.0Mitsubishi UFJ Financial Group 6 3 2,599.0 4.3 -0.1 ▼ 15 8.8
0.1 ▲ 21 12.4 -6 ▼1.0 ▲ 25 14.7 -1 ▼
29 17.1 -15 ▼ 11.7Mizuho Financial Group 4 4 3,259.7 5.3
-7 ▼ 17.9Standard Chartered PLC 3 1 3,521.8 5.8 -1.4 ▼
▲
Market # ofDeals
▲ 18 10.6 6
2014 Rank # of Deals Fees
Market Change in
Jan 1 - Jun 30
Share %Share Ch. Share %Market MarketManager
21.5ProceedsShare %
5,686.1 9.3
2015 Rank
Asia Loans - Bookrunners (US$, EURO, JPY, A$, HK$ & S$) (S3i)
0.2 ▲ 26 15.36.9
MarketProceeds per Bookrunner (US$m) # of Deals per Arranger
2 3,576.5 5.9
China Development Bank
DBS Group Holdings 5 5 2,668.4 4.4
Bank of China Ltd 1 16HSBC Holdings PLC 2
2.4 -1.41.3
2.2 -0.2 ▼3.6 1.3
2.2 -0.22.4
Imputed Fees (US$m)
0.2
▼3.1 -0.3 ▼2.8
13.1
Share Ch.
4.4
6.14.0 -0.6
-0.3▼
7.3▼
3.8 ▲
▲
▲
▼
▼
▲
▲
0.017.4 --31 2.7
▲3.018.5 38.3 1.0 ▲
42.7 6.5▼ 5.9
-71 ▼
-12
-13▼
5.15.7
2.25.2
2.9
2.5
▲
-0.2 ▼ 184.8
35
0.0 -
1,949.7
5,093.7
# ofMarketMandated Arranger
2014 Rank
Industrial & Comm Bank China
MarketProceeds DealsShare Ch.
33
18,649.9State Bank of India
2015 Rank
21
1 10,753.7
5.8
-4.9
9.256▼
113
5
▼
MarketShare Ch.FeesShare %
Market
25.7Share %
Land Bank of Taiwan
Malayan Banking Bhd
Manager
2,335.9
10,388.2
9.1
7
4
21
▼
3,718.4
34
Bank of China Ltd 2
ING
Mitsubishi UFJ Financial Group4,595.8
DBS Group Holdings
18
7,244.9
10
18
6
▲
4
13.9
9,808.1
▲0.2
9
Industry % Change from Last Quarter -3.2%
Asia Loans - Mandated Arrangers (All Currencies) (S5b)
Change in MarketShare % # of Deals
28,535.7 157
13
China Development Bank
Oversea-Chinese BankingStandard Chartered PLC
HSBC Holdings PLC8
Sumitomo Mitsui Finl Grp Inc 7
15
9 2.2
11
China Construction Bank
Agricultural Bank of China
5
17
Bank of Communications Co Ltd
Imputed Fees (US$m)
Jan 1 - Jun 30
-0.5 ▼ 0.8-1.0
289.5-8
0.60.4 0
5.711
3.71.0
▲78.6
2 -▼1.5
65.6 ▲
12.6%
6.4▼2.4▲
100.09.3
466 442.4
▲▼
▼-27.3% ▼
▼-20.5%
1,421.9
Top Twenty Five Total1,313.8
24
Bookrunner Total
BNP Paribas SA113,984.2
1425 17
▼ 16.1 2.52.4
Industry % Change from Same Period Last Year -12.0%
-175100.0
-22.1%
Proceeds per Mandated Arranger (US$m) # of Deals per Arranger
0.9
145,389.0
Siam Commercial Bank PLC-0.6 ▼
▲4.7 -11 ▼ 24.7
▼-21 ▼
1.2
12.3▲3.8
3.5 38.87529
-1.21.9▲
31▼
5.9▼ 18.3 -1.1
-3.12.8-15
5.1▲▲
19.58 16 4,718.1 2.3 -14 ▼0.5 1.211.8 1.8
18.8 2.98.5 3.0-11
-4,430.310 11Mizuho Financial Group 0.3▼▲
▼52
-0.6 ▼ 2.4 -1.82.1452.2 0.151
0.0
5.9
4,292.6▲
8.3 -18 ▼ 15.8 ▼7.4 -14
9.5 -1.819.3 3.0-35 ▼58 ▼
29▼ 13.2
▼2.0 ▼-1 -0.5
-1.8 ▼1.81.7 -0.6 ▼
▼1.9
-18 ▼▼ 42
12 6 3,990.936-0.213
13.6Korea Development Bank 14 3,546.2ANZ Banking Group 15 12 2,695.7 1.3 -0.8 ▼
4.7 -4 ▼ -0.5-1.1
10.5 1.62.16.9
United Overseas Bank Ltd 1.2▲1.811 ▲
4.6 1.25.9
▼0.611.8
14 2,356.416 31 2,583.6 36▲1.3 0.5
1.128
3.1-0.3 ▼▼-0.8
19 1.5 ▲9.5-5 ▼7.6 -1.2 ▼
0.1-17
20 39 2,156.11.1 0.225-0.2 ▼ 4.1 -4
▲5.3 0.8▲ 0.5▲▼ 11.3 1.7Credit Agricole CIB
819 19 2,178.4
1.1 0.5 ▲ 5.735▲0.125 2,150.0 ▲17 0.72.8
BNP Paribas SA1.12 ▲ 6.9
22 17 2,149.01.1
-12 ▼1.1 -0.5 ▼ 28 4.6 ▼ 1.7 -0.911.20.4
▲ 33 5.40.9▲ 41 6.7
-8-1
Taiwan Cooperative Bank 24 44 1,912.0CTBC Financial Holding Co Ltd 23
0.41.0 ▲
0.3▼ 5.7 ▲0.91.8 1.0▼ 11.7
Bank of America Merrill Lynch 25 20Top Twenty Five Total
1,810.40.1
▼▲
0.9 ▼ -10-0.4 0.0 -7.1▲
1.1
612
1.5962.5
653.3 100.0406.9
-24470.4 0.5
205,567.4144,043.7
100.0
Industry % Change from Same Period Last Year -14.5% ▼ -28.5%
Industry Total
-28.4%▼▼-11.2% ▼ -27.1% 0.9%
2.0 ▲
▲Industry % Change from Last Quarter-30.9% ▼ ▼
▲
17061,054.1 100.0
▼
100.0294.7165.3
▲
-399.6
-8.1%
42,111.6 69.1 ▲
9.9% ▲ 35.9%-18.7%Industry % Change from Same Period Last Year ▼
Industry % Change from Last Quarter 57.7%
$5,161.1
$3,018.3
$2,881.5
$2,623.5
$2,439.6
$2,321.3
$2,320.9
$2,294.6
Cheung Kong (Hldg) Ltd- Ppty
MGM Grand Paradise SA
Shanghai General Motors
ONGC Petro-additions Ltd
Charoen Pokphand Group Co Ltd
Henderson Land Dvlp Co Ltd
Wuxi Metro Group Co Ltd
Noble Group Ltd
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9
------
-2.16.2 1 ▲ .9 2.1 ▼
*tie
3.0 2.9 ▲ Bank of China Ltd1.7
Industry % Change from Same Period Last Year
Credit Agricole CIB 10 15* 375.8 2.1
2
2
6.8 2 ▲ 0.8
▲▲ 1 6.5 1 ▲
▲1.2Bank of China Ltd 9 - 400.0 2.2 2.2
▲ 1.13.5 3.5 ▲
.4Scotiabank 8 - 419.6 2.3 2.3▲ 5 15.6 5 ▲ 1.5
1.2 3.0 1.7 ▲Barclays 7 - 976.4 5.3 5.3
▲ ▲
Mizuho Financial Group
Asian Loans by Maturity Date
34
6.8 4.9 ▲ 5 20.0 2 ▲
-7
Mitsubishi UFJ Financial Group
12.3
2 3
▲9 1,244.3
4 2,244.0
18.1
2014 Rank Proceeds
Asia (ex-Japan) & Australia
Bookrunner
1,691.55
8
5
Top Australia Syndicated Loans
18,322.1
5.7
Jan 1 - Jun 30 2015
1.866
Commonwealth Bank of Australia
0.52.8
Top Ten Total
-33.2%
9.2▼
1
Sumitomo Mitsui Finl Grp Inc
2.7
▼-1.8 ▼
▲
69
1,528.5
10
Industry % Change from Same Period Last Year
Commonwealth Bank of AustraliaHSBC Holdings PLC
7▲ 2.5▼
-0.23.0
-6-4
6.7▼
11
7.8 10.24.4▼11
Share Ch.2014 Rank
Manager Market 2015 Rank
2 -4.0
# of
Australia Loans - Mandated Arrangers (All Currencies) (S6a) Jan 1 - Jun 30
▼5,295.7
Mandated Arranger # of DealsChange in
Share Ch.Manager Market
▼ 1
7
ANZ Banking Group
-1
4.7-6
-5
▲
National Australia Bank6.1 ▼
5,119.62
2.2
▼
▼Industry % Change from Last Quarter 234.5%
5 ▲4.4
33,314.8
12.5
▲
15.419.7
3
27.1
▼
▼
10.2-9
4.3-3
3 ▲
Fees23.0
4.9
18.1 -17
21.8
3.51.0
2.02.6
▼ 1.3-4
101.20
▼
1.4 ▲
-1.6
▼
4.6
7.813.9
0.9
77.0
Share %# of Deals Share % Deals24.7
Market
2.7 ▲
First Half 2015 | Syndicated Loans | Managing Underwriters
Proceeds per Mandated Arranger (US$m)
-12.9%Industry % Change from Last Quarter 493.2% ▲ 177.8% ▲ 231.3%
Industry Total 100.0
▼
-36
▼39.3%
MarketMarket MarketShare %Proceeds
▼
▲-21 ▼
# of Deals per Arranger Imputed Fees (US$m)
26,030.5100.0
24.1
▼
▲18.3
2.7▼▼ -1.5
3.216.6
Market
▲
13.0
-24 ▼3945 22.3
17.2-33
4,530.7 13.6 -3.1
0.6
36▼
15.9
3
Westpac Banking 1
▲4 4 4,153.3 -2.0 ▼ -3.133 10.5
15
9
-38.1%
-3.0131.7
▲▲
-34.3%
3.0 0.7
5.4
1.778.3
7 3.4990.8
5
-0.36
8
HSBC Holdings PLC 4.6 0.8 3.41,114.7
Mitsubishi UFJ Financial Group 5 1,794.8 1.4 ▲
▲87.5% ▲
▲Scotiabank 16 578.2 0.7 7 -
9
Jan 1 - Jun 30
Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)
Share %
Australia Loans - Bookrunners (All Currencies) (S7)
Market
ANZ Banking Group
0.221 924.2 4.1 1.1
Market # of MarketShare %
Change in
1 1 -8.5 ▼Share Ch.
2015 Rank
3,312.2 53.2
Deals Share % Share Ch.Fees3,420.2
11National Australia Bank 2 2,602.9 10
18.711.4Westpac Banking
55.0
-7.63 ▼14.2 41.8
17
3.8 -9.4▼ -4.7▼-1.0
▼4 ▼ 9 2.5 -9.9▼36.2-0.8
9.1
▲Top Ten Total 18,322.1 100.0 1.7Bookrunner Total 41.4 100.0100.0
▼ -17.1% ▼ -41.4%
55.7 -18.623.0 ▼
1000
1200
1400
250.00
300.00 Proceeds (US$b) # of Issues
$3,951.5
$2,512.9
$1,500.0
Federation Centres Finance
Lend Lease Finance Ltd
BHP-Non-core Assets
Australian Loans Proceeds by Industry (US$m) First HalfJan 1 - Jun 30 2015 Asian Loans by Currency (%)
$8,738.529%
$6,867.522%
$6,065.220%
$4,476.115%
$2,387.88%
$1,958.46%
Financials
Real Estate
Industrials
Materials
Healthcare
Media and Entertainment
54.2% 55.5% 60.5% 77.0% 75.2% 63.2% 63.4% 60.6% 61.6% 66.6%
45.8% 44.5%39.5%
23.0% 24.8%
36.8% 36.6% 39.4% 38.4%33.4%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Local Currency G3
$251.5 $229.8 $205.8 $218.0 $160.80
200
400
600
800
1000
-
50.00
100.00
150.00
200.00
2015 2016 2017 2018 2019
# of
Issu
es
Proc
eeds
(US$
b)
$ ,
$1,293.9
$1,219.9
$1,160.6
$1,126.2
$1,082.1
$974.3
$815.1
SDP Finco Pty Ltd
Astra SLR Finance Pty Ltd
Sonic Healthcare Ltd
NSW Ports Finance Co Pty Ltd
Whitehaven Coal Ltd
Primary Health Care Ltd
ConnectEast Finance Pty Ltd
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1 0.1 1 ▲0.2 2 ▲
Ashikaga Bank Ltd 22 - 15.3 0.0 0.0 -
‐3 ▼Senshu Ikeda Holdings Inc 21 - 19.7 0.0 0.0 - 2
22.9 0.0 0.0 - 1 0.1
6/30/20154/17/20156/26/2015
Acquisition Fin.Working Capital
Mitsubishi Heavy Industries
Working CapitalAsahi Kasei Corp
Sumitomo CorpWorking Capital
Top Ten DealsClosing Date
2,774.3
6/10/2015
2,499.0NEC Corp
Working Capital
1,711.5Working Capital
Orchid Alliance Holdings Ltd3/25/2015 11,838.0
Itochu Corp
Shoko Chukin Bank 20 21
Japan Deals Intelligence
Package Amt (US$m)Borrower
Jan 1 - Jun 30 2015
General Corp. Purp.Primary UOP
16
6/15/2015 1,418.0Brother Industries Ltd
1,877.33/31/20156/29/2015
Fukuoka Financial Group Inc
14
241.3
130.6
Nishi-Nippon City Bank Ltd
18
130.7Shinkin Central BankDaishi Bank Ltd
17
General Corp. Purp.
3,509.7
2/24/2015
JX Holdings Inc
Working Capital
Marubeni Corp
3,333.02,825.9
6
444.611
698.1
137.7
-0.211 505.310
0.2
16
First Half 2015 | Syndicated Loans | Managing Underwriters
JapanJapanese Syndicated Lending Slightly Down | Financials Lead Industry | Working Capital Volume Down 17%
7 0.8Citi
27,148.03
Sh %Change in
BNP Paribas SA 9
0.7
12Credit Agricole CIB
8Aozora Bank Ltd 10
Shinsei Bank9
77 Bank Ltd 1314
1Sumitomo Mitsui Finl Grp Inc
12
5 7
19
28,320.65.4
# of
27927.3 ▲
▼‐8▼ 28.92
Share %▲
828.7
24.8
961.6
Share Ch.Proceeds
1,614.9
42.1
2014 Rank
2015 Rank
Mitsubishi UFJ Financial Group 34
Bookrunner
Development Bank of Japan Inc 4
Mizuho Financial Group 263
Jan 1 - Jun 30
22
Market Market
Japan Loans - Bookrunners (S12b)
Deals48,120.2
Proceeds per Bookrunner (US$m)
1,055.0
# of Deals per BookrunnerMarket
1.4 -1.6 ▼‐2
# of Deals
-2.3
Resona Holdings Inc
13
56
Bank of Yokohama8
Sumitomo Mitsui Trust Holdings
31.9 ‐314
1,110.4 ▼1.0
308▲23.8
120.50.70.6
2
0.5
0.9
746.5 -0.4
1.0
▲‐2 ▼
-0.5
▼▼ 1.5
▼-1.8 0.2
448 5.0▼
-1.14
15
3
1.6▼ ‐8▲
▼▼
▲1048 5.0 ▲
▲
1.0
3‐7
▼
▼
▼‐2
0.8
9▲0.31.2
8
23*0.3
0.1-0.3
0.40.4
1278.8 ▼ -▲3
0-0.10.4▲0.2
0.00.10.1
-40.2
0.1-▲
▲▲0.1 1-0.3 0
1
0-
-0.2
3
3
0.220.0
10.0
0.032.2- ▲0.4
-▼4 40.0
0.1
Tokyo Star Bank 29.719
-15
Gunma Bank17
Japanese syndicated lending for the first half of 2015 recorded a total of US$118.7 billion in proceeds from 1,005 deals. Compared tothe same period last year, deal count was up 4.7% but proceeds were down 1.3%.
Borrowings in the Financials sector secured an 18.9% market share, with US$22.5 billion during the first six months of 2015,representing a 56.8% increase compared to the same period in 2014. ORIX Corp’s US$410 million deal (closed in April) was thelargest Financials transaction announced during the second quarter.
Despite falling 16.6% from the comparable period in 2014, working capital loans continued to lead primary use of proceeds rankingsfor the Japanese market, with five out of the top ten deals in the first half. The most notable deal was JX Holdings Inc’ US$ 3.5 billion,revolving credit facilities that was closed in June.
Top Twenty Five Total114,203.5Bookrunner Total
▼-0.8114,203.51 ▲Bank of Kyoto Ltd 25 - 11.3 0.0 0.0
Sapporo Hokuyo Holdings Inc 24 - 11.7 0.0 0.0
Industry % Change from Same Period Last Year -2.2% ▼ 3.2% ▲Industry % Change from Last Quarter -61.5% ▼ -76.3% ▼
30
- 1 0.1 1 ▲- 1 0.1 1 ▲
Norinchukin Bank 23 - 11.9 0.0 0.0g
965100.0
- 1 0.1100.0
Real Estate/Ppty Acq1,414.43/31/2015,
Overall Japan Loans Volume
p pNikko TMK
Japan Loans Proceeds by Industry (US$m) Jan 1 - Jun 30 20152,051
1,658 1,6611,686
1,826 1,870
1,992
1,005
0
500
1,000
1,500
2,000
2,500
$0
$50
$100
$150
$200
$250
$300
$350
2008 2009 2010 2011 2012 2013 2014 2015
# of
Dea
ls
Proc
eeds
(US$
b)
Q4 Proceeds (US$b) Q3 Proceeds (US$b)
Q2 Proceeds (US$b) Q1 Proceeds (US$b)
# of Issues
$22,467.918.9%
$18,338.715.5%
$14,565.112.3%$11,926.3
10.0%
$11,582.29.8%
$8,994.47.6%
$8,780.57.4%
$6,972.25.9%
$622.80.5%
Financials Industrials
Energy and Power Materials
Consumer Staples High Technology
Real Estate Retail
Consumer Products and Services Healthcare
Media and Entertainment Government and Agencies
Telecommunications
.
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▼
▼
3
2
11▼
Citi
Bank of Yokohama10
0.311
342.1615
732.9Aozora Bank Ltd
-
Shinsei Bank
Daishi Bank Ltd 19 130.9
16
Hiroshima Bank Ltd
1641
Gunma Bank
Hokuhoku Financial Group Inc20
17
15
18
0.0
0.1
2377 Bank Ltd
137.0
Nishi-Nippon City Bank Ltd
2914
BNP Paribas SA 1012
2324
102.5
0.10.1
212.8
139.40.1
0.121*
324.1▼
0.0
17 18
14
0.1-
171.1
13
-0.1
-
Fukuoka Financial Group Inc
0.1Shinkin Central Bank
▲-
195.00.2
0.1
▲4
▲89
0.2
▲
101
Norinchukin Bank
20*
94.121*
88.4
INGSapporo Hokuyo Holdings IncTokyo Star Bank
Taishin International Bank102.5
24 434.80 0 4
0.00.032 225 0 0
0.40 4
3 0.3▲
0.22▼
▲2
-0
--
0
▲11
▲1-
0.40
313
1
-
0 -
0.10.1
‐2
‐7
0.1 -▲
▲5
0.1
1
0.5
1.8
‐2
11.1
813 1.3
150
61
2
▲
‐4
1.0
▲
5
-0.2 ▼8 0.88
0.2 ▼527.5 0.4724.7
7
0.7
1.2
12
▼
836.8
-1.7 ▼
930.3 -0.2
Change in
34.0241 ▲4.1
-0
▲
342
Deals
▲
8
5.0
6.1
22
▲
313
▼18
31.1 ▼▲
# of Deals per MA
Sh %Market
28.4
0.0-
8
9
▲
38.825.924.6
1
1,384.7
0.0
0.8
▼
0.6 -0.4
0.0
0.6
0.3
▲▼
Proceeds
30,736.1
2014 Rank
0.1
0.3
Share %
1.3
29,188.35
Japan
▲
First Half 2015 | Syndicated Loans | Managing Underwriters
Japan Loan Volume - Non-Japanese Borrowers
Share Ch.
Japan Loans - Mandated Arrangers (S12a)
Market
46,070.4
Jan 1 - Jun 30
2 ▼▲
‐1
Proceeds per Mandated Arranger (US$m)
285
# of# of Deals
Market
-1.5
3
Mandated Arranger1
1,914.1
-2.6Mizuho Financial Group
2015 Rank
5.6
3Sumitomo Mitsui Finl Grp Inc 2
5
0.4
4 1,532.91.6
▲0.4
Development Bank of Japan Inc-0.7
Credit Agricole CIBResona Holdings Inc
0.3
4
7-0.2
0.1
0.01
Mitsubishi UFJ Financial GroupSumitomo Mitsui Trust Holdings
6
0.04
20*22
0.20.30.5
-
14
4
6
4
9
3
6
8
10
12
6
13
6
10
4
11
3
10
6
20
4
11
5
10
15
20
25
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
# of
Issu
es
Proc
eeds
(US$
m)
Proceeds (US$m) No. of Deals
▼
118,688.6 100.0
▼
1,005
*tie
Industry % Change from Last Quarter -59.5% ▼ -75.0%
Japan Loan Volume by Maturity Date
Gunma Bank
Japan Loans - Top 10 Uses of Proceeds (US$m)
▲4-0.4
Industry % Change from Same Period Last Year
0.0 4Top Twenty Five Total
- 32.225116,685.6
Industry Total
0.0
4.7%-1.3%
98.30.4-
▲
▼45
Jan 1 - Jun 30 2015
32
3 3 3 1
0$0Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2009 2010 2011 2012 2013 2014 2015
192.4 135.8 112.6 80.6 57.9 40.4 31.6 18.7 96.3
1511
1116
939
742
570
385323
252
1154
0
200
400
600
800
1,000
1,200
1,400
1,600
$0
$50
$100
$150
$200
$250
2016 2017 2018 2019 2020 2021 2022 2023 2023 & Beyond
# of
Issu
es
Proc
eeds
(US$
b)
Proceeds(US$b) # of Issues
$50,172.8 44%
$28,379.6 25%
$11,506.1 10%
$6,332.5 5%
$4,636.6 4%
$4,378.7 4%
$3,797.3 3%
$2,270.8 2%
$1,835.8 2%
$1,069.3 1% Working Capital
General Corporate Purposes
Capital Expenditures
Refinancing
Future Acquisitions
Property Acquisition
Acquisition Financing
Operating Fund/Cash Reserve
Refinance Bank Debt
Project Finance
.
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-
-
-
-
-
-
Global, Americas, EMEA, Asia-Pacific and Japan bookrunner and mandated arranger league table volumes and rankings are based on general close date instead of financial close date.
Database coverage includes all loan transactions that have reached financial close by the submission deadline and of which Thomson Reuters has been made aware. All current andprevious year's data is as of 12:00pm EDT on June 30, 2015.
Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. In cases of consolidation, credit will be giviento the surviving/parent firm.
Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parent firm
All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Target Market.
Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days.
First Half 2015 | Syndicated Loans | Managing Underwriters
Ranking Criteria Summary
E-mail: [email protected]
JapanMegumi KonoTel: +813 6441 1155
E-mail: [email protected]
Europe
If you would like to participate in the submission process, receive quarterly press releases, orhave questions about league table criteriaplease contact:
AmericasSalvatore ReresTel: +1 646 223-8455
Ewelina JareckaTel: +44 207 542 2246E-mail: [email protected]
Asia-PacificCarina Causon-IsraelTel: +632 858 7221E-mail: [email protected]
-
-
-
-
-
- Thomson Reuters Investment Banking loans data is compiled in conjunction with Loan Pricing Corporation (LPC). In combination, Thomson Reuters Investment Banking and LPC offer the most comprehensive and accurate view of the syndicated loans market available.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley".
Bookrunner league tables include club syndicate transactions that are sold down in the syndication process to firms that were not part of the original club syndicate. Mandated Arranger league tables include all club syndicate transactions, regardless of sell-down process.
Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.
Imputed fees are calculated using Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriteror advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocatedto syndicated members.
Bookrunner and Mandated Arranger league tables only include amendments that require 100% lender vote for the following amendments: decrease in pricing, change in tenor if maturity is extended by a period of more than 90 days, guarantor or collateral release. An increase in deal size after syndication has ended will be reflected as an add on tranche.
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liablefor any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express orimplied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carryout a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products,including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2015 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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